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 29,458 people, 11,245 houses or apartments, and a median cost of homes of $104,735, 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'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 -0.60%, which is lower than 70% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Morristown's appreciation rate, at 4.34%, has been at or slightly above the national average. In the latest quarter, Morristown's appreciation rate has been 5.49%, which annualizes to a rate of 23.82%.
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 lower than 60% 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.
|$804,001 - $1,073,000||0.2|
|$536,001 - $804,000||0.4|
|$429,001 - $536,000||1.1|
|$322,001 - $429,000||3.8|
|$215,001 - $322,000||10.5|
|$107,001 - $215,000||36.9|
|$54,001 - $107,000||34.2|
|$0 - $54,000||12.4|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Morristown HOMES|
|2000 or Newer||12.9|
|1970 - 1999||40.3|
|1940 - 1969||41.6|
|1939 or Older||5.2|
|TYPE OF Morristown HOMES|
|Small Apt. Buildings||15.0|
|SIZE OF Morristown HOMES|
|5 or more bedrooms||2.80|