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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 18,594, 7,734 total housing units (homes and apartments), and a median house value of $384,764, real estate costs in Morristown are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.
Large apartment complexes or high rise apartments are the single most common housing type in Morristown, accounting for 43.63% of the town's housing units. Other types of housing that are prevalent in Morristown include single-family detached homes ( 24.51%), duplexes, homes converted to apartments or other small apartment buildings ( 24.35%), and a few row houses and other attached homes ( 7.50%). This particular housing mix is relatively uncommon and characteristic of towns that are compact and walkable, and which often have a lively downtown.
People in Morristown primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Morristown has a mixture of owner-occupied and renter-occupied housing.
The housing in Morristown was primarily built before 1939 ( 30.56%), making the housing stock in Morristown some of the oldest overall in America, although there is a range of ages of homes in Morristown. The next most important housing age is between 1940-1969 ( 30.29%), followed by between 1970-1999 ( 28.78%). There's also some housing in Morristown built between 2000 and later ( 10.37%).
Vacant housing appears to be an issue in Morristown. Fully 10.02% 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.
Real estate appreciation rates in Morristown's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.46% during the period.
NeighborhoodScout's data show that during the latest twelve months, Morristown's appreciation rate, at 4.15%, has been at or slightly above the national average. In the latest quarter, Morristown's appreciation rate has been 0.66%, which annualizes to a rate of 2.68%.
Relative to New Jersey, our data show that Morristown's latest annual appreciation rate is higher than 70% of the other cities and towns in New Jersey.
One very important thing to keep in mind is that these are average appreciation rates for the town. 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.
|$839,001 - $1,119,000||4.3|
|$559,001 - $839,000||15.5|
|$448,001 - $559,000||24.5|
|$335,001 - $448,000||30.0|
|$224,001 - $335,000||16.6|
|$112,001 - $224,000||2.9|
|$56,001 - $112,000||1.8|
|$0 - $56,000||2.0|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Morristown HOMES|
|2000 or Newer||10.4|
|1970 - 1999||28.8|
|1940 - 1969||30.3|
|1939 or Older||30.6|
|TYPE OF Morristown HOMES|
|Small Apt. Buildings||24.4|
|SIZE OF Morristown HOMES|
|5 or more bedrooms||3.00|