Morristown, TN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Morristown, TN Real Estate Data


Morristown Housing Market Information

With a population of 29,458, 11,028 total housing units (homes and apartments), and a median house value of $124,533, 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 61.45% of the city's housing units. Other types of housing that are prevalent in Morristown include duplexes, homes converted to apartments or other small apartment buildings ( 16.03%), large apartment complexes or high rise apartments ( 14.17%), and a few mobile homes or trailers ( 4.57%).

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 50.88% owning and 49.12% 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 42.05% of the city's housing hails from this era. Other housing ages represented in Morristown include homes built between 1970-1999 ( 40.77%) and housing constructed between 2000 and later ( 12.53%). There's also some housing in Morristown built before 1939 ( 4.66%).

Vacant housing appears to be an issue in Morristown. Fully 12.46% 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

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 -0.10% during the period.

NeighborhoodScout's data show that during the latest twelve months, Morristown's appreciation rate, at 5.46%, has been at or slightly above the national average. In the latest quarter, Morristown's appreciation rate has been -0.27%, which annualizes to a rate of -1.08%.

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 higher 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:
$124,533

Morristown, TN HOME PRICES

Value Range
> $1,055,000 0.7
$791,001 - $1,055,000 0.1
$527,001 - $791,000 0.5
$422,001 - $527,000 0.8
$317,001 - $422,000 3.4
$211,001 - $317,000 9.8
$106,001 - $211,000 39.7
$53,001 - $106,000 34.1
$0 - $53,000 11.1

Average for TN
Low for Nation

Value Relative to Nation Value Relative to State
63.8812437781812 49.234693877551

Number Of Homes And Apartments:
11,028

Rent & Ownership

 

Average Market Rent:
$787 / per month

Homeownership Rate

Homeownership
Owners 50.88
Renters 49.12
Vacant 12.46

Housing Market Details

 

Age of Homes

AGE OF Morristown HOMES
2000 or Newer 12.5
1970 - 1999 40.8
1940 - 1969 42.0
1939 or Older 4.7

Types of Homes

TYPE OF Morristown HOMES
Single-Family 61.4
Townhomes 3.8
Small Apt. Buildings 16.0
Apt. Complexes 14.2
Mobile Homes 4.6
Other 0.0

Home Size

SIZE OF Morristown HOMES
No Bedroom 0.87
1 Bedroom 6.52
2 Bedrooms 39.63
3 Bedrooms 40.01
4 Bedrooms 9.87
5 or more bedrooms 3.11

Morristown Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
20.68% 1.11% 2 2
* 10 is highest