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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 31,425 people, 12,317 houses or apartments, and a median cost of homes of $184,079, 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 60.43% of the city's housing units. Other types of housing that are prevalent in Morristown include large apartment complexes or high rise apartments ( 15.50%), duplexes, homes converted to apartments or other small apartment buildings ( 14.43%), and a few mobile homes or trailers ( 6.60%).

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 48.70% owning and 51.30% 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 ( 35.86%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.11%). There's also some housing in Morristown built before 1939 ( 4.09%).

Vacant housing appears to be an issue in Morristown. Fully 10.43% of the housing stock is classified as vacant. Left unchecked, vacant Morristown homes and apartments can be a drag on the real estate market, holding Morristown real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

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 96.79%, which ranks in the top 40% nationwide. This equates to an annual average Morristown house appreciation rate of 7.00%.

Over the last year, Morristown appreciation rates have trailed the rest of the nation. In the last twelve months, Morristown's appreciation rate has been 3.65%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Morristown were at 0.00%, which equates to an annual appreciation rate of 0.00%.

Relative to Tennessee, our data show that Morristown's latest annual appreciation rate is lower than 70% 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

$184,079

Morristown, TN Home Prices
> $1,427,000
$1,071,001 - $1,427,000
$714,001 - $1,071,000
$571,001 - $714,000
$428,001 - $571,000
$286,001 - $428,000
$143,001 - $286,000
$71,001 - $143,000
$0 - $71,000
0.3%
0.3%
0.5%
0.5%
2.5%
2.5%
1.9%
1.9%
5.8%
5.8%
14.4%
14.4%
50.0%
50.0%
19.3%
19.3%
5.3%
5.3%
0% 100.0%
% of Homes
Low

for Tennessee

Low

for nation

Number of Homes And Apartments:

12,317

Morristown Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,376 / per month

Homeownership Rate

Owners
Renters
48.7%
48.7%
51.3%
51.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
10.4%
10.4%
89.6%
89.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
16.1%
16.1%
43.9%
43.9%
35.9%
35.9%
4.1%
4.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
60.4%
60.4%
3.0%
3.0%
14.4%
14.4%
15.5%
15.5%
6.6%
6.6%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.7%
2.7%
8.8%
8.8%
36.2%
36.2%
41.4%
41.4%
8.4%
8.4%
2.4%
2.4%
0% 100.0%
% of Homes