Morristown, TN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Morristown, TN Housing Market Trends

With a population of 30,193, 11,639 total housing units (homes and apartments), and a median house value of $138,173, house prices in Morristown are solidly below the national average.

Single-family detached homes are the single most common housing type in Morristown, accounting for 62.11% of the city's housing units. Other types of housing that are prevalent in Morristown include large apartment complexes or high rise apartments ( 16.07%), duplexes, homes converted to apartments or other small apartment buildings ( 11.87%), and a few mobile homes or trailers ( 6.66%).

The most prevalent building size and type in Morristown are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.64% owning and 51.36% renting.

There is a lot of housing in Morristown built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Morristown built between 1940-1969 ( 39.29%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.52%). There's also some housing in Morristown built before 1939 ( 5.03%).

Morristown Home Appreciation Rates

Appreciation rates for homes in Morristown have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 50.31%, which ranks in the top 40% nationwide. This equates to an annual average Morristown house appreciation rate of 4.16%.

Appreciation rates are so strong in Morristown that despite a nationwide downturn in the housing market, Morristown real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Morristown appreciation rates continue to be some of the highest in America, at 15.61%, which is higher than appreciation rates in 96.59% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Morristown. Morristown appreciation rates in the latest quarter were at 3.36%, which equates to an annual appreciation rate of 14.13%.

Relative to Tennessee, our data show that Morristown's latest annual appreciation rate is higher than 90% of the other cities and towns in Tennessee.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Morristown differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Morristown - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Morristown real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$138,173

Morristown, TN HOME PRICES

> $1,311,000
0.4%
0.4%
$983,001 - $1,311,000
0.1%
0.1%
$655,001 - $983,000
0.6%
0.6%
$524,001 - $655,000
1.2%
1.2%
$393,001 - $524,000
4.5%
4.5%
$262,001 - $393,000
8.5%
8.5%
$131,001 - $262,000
41.7%
41.7%
$66,001 - $131,000
35.6%
35.6%
$0 - $66,000
7.5%
7.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for TN

Value Relative To Nation

Number Of Homes And Apartments:
11,639

Morristown Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
71.73% 2.55%
3
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,122 / per month

Homeownership Rate

Owners
48.6%
48.6%
Renters
51.4%
51.4%
Vacant
9.9%
9.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
10.5%
10.5%
1970 - 1999
45.2%
45.2%
1940 - 1969
39.3%
39.3%
1939 or Older
5.0%
5.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
62.1%
62.1%
Townhomes
3.3%
3.3%
Small Apt. Buildings
11.9%
11.9%
Apt. Complexes
16.1%
16.1%
Mobile Homes
6.7%
6.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.7%
2.7%
1 Bedroom
8.7%
8.7%
2 Bedrooms
34.2%
34.2%
3 Bedrooms
42.9%
42.9%
4 Bedrooms
9.0%
9.0%
5 or more bedrooms
2.6%
2.6%
0.0% 100.0%
% OF HOMES