Morristown, TN—37813
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Morristown, TN
Home Price Trends — Morristown, TN
As of Oct '25, the median home price in Morristown, TN is $218,000, with a year-over-year change of 1.1%. This indicates that home prices in Morristown, TN are increasing. According to Zillow, the 1-year price projection is 3.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $218,000 | 1.1% |
| Single Family | $218,000 | 1.9% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $171,000 | 4.9% |
3 Bed | $257,000 | 4.5% |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Morristown, TN
As of July '25, Rentcast reports the average rent in Morristown, TN is $1,220, with a year-over-year rent change of -9.0%. Per bedroom, the median rent as of July '25 in Morristown, TN is 1-bedrooms: $1,000, 2-bedrooms: $1,250, 3-bedrooms: $1,280. The most common rental property sizes in Morristown, TN are 2-bedroom and 3-bedroom, accounting for 43.9% and 32.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,280 | $1,220 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $1,000 |
| 2 Bed Rent | $1,300 | $1,250 |
| 3 Bed Rent | $1,280 | $1,280 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Morristown, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Morristown, TN is 62. This is a increase of 25.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 41.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $310,000 | 6.0% |
Listing Count | 69 | 34.0% |
| Listings as % of Homes | 0.5% | 34.0% |
Days on Market | 62 | 25.0% |
Demographics — Morristown, TN
As of the latest ACS Survey released in 2023, Morristown, TN has a population of 17,500, which has remained stable by 1.0% over the past 5 years. Morristown, TN is a popular place for families, as children make up 25.9% of the population. The area has a poorly educated workforce, with 15.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 17,500 | 1.0% |
% Under 18 | 25.9% | 5.3% |
% Seniors | 14.9% | -11.3% |
% WFH | 2.8% | 250.0% |
% w/ College Degree | 15.1% | 62.4% |
As of the latest ACS Survey released in 2023, Morristown, TN is a predominantly white area, with 71.6% of the population identifying as white. The white population has shrunk by 9.4% in the last 5 years. The second most common race or ethnicity in Morristown, TN is hispanic, making up 21.3% of the population. Foreign-born residents account for 9.7% of the population in Morristown, TN, and this percentage has increased by 34.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 71.6% | -9.4% |
% Black | 2.3% | -51.1% |
% Hispanic | 21.3% | 49.0% |
% Asian | 0.7% | -46.2% |
% Foreign Born | 9.7% | 34.7% |
Mortgage and Risk — Morristown, TN
According to HUD data as of 2023, there were 274 mortgage originations in Morristown, TN, of which 61.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 34.0% above 90% LTV (very high). This implies large mortgage risk in Morristown, TN. Investor activity is low, as 5.0% of loans were by investors. 24.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 274 |
% Conventional Loans | 61.0% |
% Government Loans | 39.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 24.0% |
Loan Activity
Rentals and Section 8 — Morristown, TN
Morristown, TN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 702 |
Total Units Section 8 | 275 |
% Rentals under Section 8 | 12.5% |
% Occupied Section 8 | 94.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$200 | $1,000 | $800 |
| 2 Bedroom | -$260 | $1,300 | $1,040 |
| 3 Bedroom | $80 | $1,280 | $1,360 |
| 4 Bedroom | N/A | N/A | $1,700 |
Affordability — Morristown, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4 |
| Median Home Price | $218,000 |
| Median Household Income | $47,800 |