Morristown, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Morristown, TN Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Morristown Housing Market Information

With 29,458 people, 11,245 houses or apartments, and a median cost of homes of $99,342, 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 62.34% of the city's housing units. Other types of housing that are prevalent in Morristown include large apartment complexes or high rise apartments ( 15.08%), duplexes, homes converted to apartments or other small apartment buildings ( 15.05%), and a few mobile homes or trailers ( 4.46%).

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 48.81% owning and 51.19% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Morristown's housing was primarily built during this period, from the '40s through the '60s. A full 41.65% of the city's housing hails from this era. Other housing ages represented in Morristown include homes built between 1970-1999 ( 40.26%) and housing constructed between 2000 and later ( 12.90%). There's also some housing in Morristown built before 1939 ( 5.20%).

Vacant housing appears to be an issue in Morristown. Fully 12.15% 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

Morristown's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Morristown during the period has been just -0.96%, which is lower than 70% of US communities.

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 0.63%, 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 -1.75%, which equates to an annual appreciation rate of -6.82%.

Notably, Morristown's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Tennessee, our data show that Morristown's latest annual appreciation rate is lower than 80% 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:
$99,342

Morristown, TN HOME PRICES

Value Range
> $1,017,000 0.5
$763,001 - $1,017,000 0.2
$509,001 - $763,000 0.4
$407,001 - $509,000 1.1
$305,001 - $407,000 3.8
$203,001 - $305,000 10.5
$102,001 - $203,000 36.9
$51,001 - $102,000 34.2
$0 - $51,000 12.4

Low for TN
Low for Nation

Value Relative to Nation Value Relative to State
77.9913277862417 74.234693877551

Number Of Homes And Apartments:
11,245

Morristown Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
15.64% 0.85% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$745 / per month

Homeownership Rate

Homeownership
Owners 48.81
Renters 51.19
Vacant 12.15

Housing Market Details

 

Age of Homes

AGE OF Morristown HOMES
2000 or Newer 12.9
1970 - 1999 40.3
1940 - 1969 41.6
1939 or Older 5.2

Types of Homes

TYPE OF Morristown HOMES
Single-Family 62.3
Townhomes 3.1
Small Apt. Buildings 15.0
Apt. Complexes 15.1
Mobile Homes 4.5
Other 0.0

Home Size

SIZE OF Morristown HOMES
No Bedroom 1.46
1 Bedroom 6.18
2 Bedrooms 38.55
3 Bedrooms 41.64
4 Bedrooms 9.37
5 or more bedrooms 2.80