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 Q4 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Morristown Housing Market Information

With 29,926 people, 11,513 houses or apartments, and a median cost of homes of $117,288, 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 62.69% of the city's housing units. Other types of housing that are prevalent in Morristown include large apartment complexes or high rise apartments ( 15.80%), duplexes, homes converted to apartments or other small apartment buildings ( 12.68%), and a few mobile homes or trailers ( 5.89%).

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 49.08% owning and 50.92% 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 42.29% of the city's housing hails from this era. Other housing ages represented in Morristown include homes built between 1970-1999 ( 41.42%) and housing constructed between 2000 and later ( 10.13%). There's also some housing in Morristown built before 1939 ( 6.16%).

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 1.77% during the period.

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 8.22%, which is higher than appreciation rates in 98.85% 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 4.32%, which equates to an annual appreciation rate of 18.43%.

Importantly, NeighborhoodScout’s exclusive research found that Morristown's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

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:
$117,288

Morristown, TN HOME PRICES

Value Range
> $1,193,000 0.3
$894,001 - $1,193,000 0.1
$596,001 - $894,000 0.6
$477,001 - $596,000 1.2
$358,001 - $477,000 2.5
$238,001 - $358,000 9.3
$119,001 - $238,000 38.9
$60,001 - $119,000 37.1
$0 - $60,000 9.8

Low for TN
Low for Nation

Value Relative to Nation Value Relative to State
75.6496350364963 74.7448979591837

Number Of Homes And Apartments:
11,513

Morristown Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2019 Q3 - 2019 Q4
Last 12 Months:
2018 Q4 - 2019 Q4
Last 2 Years:
2017 Q4 - 2019 Q4
Last 5 Years:
2014 Q4 - 2019 Q4
Last 10 Years:
2009 Q4 - 2019 Q4
Since 2000:
2000 Q1 - 2019 Q4
45.18% 1.88%
3
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,032 / per month

Homeownership Rate

Homeownership
Owners 49.08
Renters 50.92
Vacant 9.77

Housing Market Details

 

Age of Homes

AGE OF Morristown HOMES
2000 or Newer 10.1
1970 - 1999 41.4
1940 - 1969 42.3
1939 or Older 6.2

Types of Homes

TYPE OF Morristown HOMES
Single-Family 62.7
Townhomes 2.9
Small Apt. Buildings 12.7
Apt. Complexes 15.8
Mobile Homes 5.9
Other 0.0

Home Size

SIZE OF Morristown HOMES
No Bedroom 1.29
1 Bedroom 8.03
2 Bedrooms 37.70
3 Bedrooms 41.35
4 Bedrooms 9.10
5 or more bedrooms 2.53