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Morristown, TN—37813

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$219,000
1.6% YoY Growth
Household Income
$47,800
32.3% YoY Growth
Days on Market
63
29.0% Longer YoY
Home Price Forecast
4.2%
Median Rent
$1,280
9.0% YoY Growth
1-Bed Rent
$1,000
11.1% YoY Growth
2-Bed Rent
$1,300
20.2% YoY Growth
3-Bed Rent
$1,280
36.9% YoY Growth

Other Zip Codes in Morristown, TN

37814
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Morristown, TN

As of Dec '25, the median home price in Morristown, TN is $219,000, with a year-over-year change of 1.6%. This indicates that home prices in Morristown, TN are increasing. According to Zillow, the 1-year price projection is 4.2%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$219,0001.6%
Single Family $219,0001.9%
Condos N/AN/A

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$171,0004.9%
    3 Bed
    		$257,0004.5%
    4 Bed
    		N/AN/A
    5 Bed N/AN/A
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    % of Housing Stock

    Studio
    0.1%
    1 Bedroom
    8.8%
    2 Bedrooms
    27.4%
    3 Bedrooms
    51.0%
    4 Bedrooms
    10.3%
    5+ Bedrooms
    2.4%

    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.

    TypeMedian RentAverage Rent
    Average Rent$1,280$1,220
    Studio Rent N/AN/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/AN/A
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    % of Rental Stock

    1 Bedroom
    21.0%
    2 Bedrooms
    43.9%
    3 Bedrooms
    32.1%
    4 Bedrooms
    3.0%

    Property Listings — Morristown, TN

    As of Dec '25, Realtor.com reports that the median days on market for a home in Morristown, TN is 68. This is a increase of 23.0% 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 38.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$301,0009.0%
    Listing Count
    		7935.0%
    Listings as % of Homes0.5%35.0%
    Days on Market
    		6329.0%
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    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.

    MetricLatest CensusYoY % Change
    Population
    		17,5001.0%
    % Under 18
    		25.9%5.3%
    % Seniors
    		14.9%-11.3%
    % WFH
    		2.8%250.0%
    % w/ College Degree
    		15.1%62.4%
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    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom-$200$1,000$800
    2 Bedroom-$260$1,300$1,040
    3 Bedroom$80$1,280$1,360
    4 BedroomN/AN/A$1,700

    Affordability — Morristown, TN

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio4
    Median Home Price$219,000
    Median Household Income$47,800

    Morristown, TN — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Morristown, TN

    37814

    Baneberry, TN

    37890

    Russellville, TN

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    Bybee, TN

    37713

    Frequently Asked Questions