Morristown, TN—37814
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 $274,000, with a year-over-year change of 3.7%. This indicates that home prices in Morristown, TN are increasing. According to Zillow, the 1-year price projection is 3.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $274,000 | 3.7% |
| Single Family | $274,000 | 3.8% |
| Condos | $275,000 | 6.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $198,000 | 6.5% |
3 Bed | $299,000 | 4.2% |
4 Bed | $379,000 | 4.1% |
| 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 $1,640, with a year-over-year rent change of -4.7%. Per bedroom, the median rent as of July '25 in Morristown, TN is 1-bedrooms: $1,220, 2-bedrooms: $1,390, 3-bedrooms: $1,740, 4-bedrooms: $2,130. The most common rental property sizes in Morristown, TN are 2-bedroom and 3-bedroom, accounting for 47.5% and 30.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,640 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $995 | $1,220 |
| 2 Bed Rent | $1,280 | $1,390 |
| 3 Bed Rent | $1,500 | $1,740 |
| 4 Bed Rent | $2,200 | $2,130 |
% 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 70. This is a increase of 28.0% 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.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $444,000 | 20.0% |
Listing Count | 172 | 2.0% |
| Listings as % of Homes | 0.7% | 2.0% |
Days on Market | 70 | 28.0% |
Demographics — Morristown, TN
As of the latest ACS Survey released in 2023, Morristown, TN has a population of 34,800, which has remained stable by 0.5% over the past 5 years. Morristown, TN is a moderately popular place for families, as children make up 23.8% of the population. The area has a poorly educated workforce, with 21.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 34,800 | 0.5% |
% Under 18 | 23.8% | 2.1% |
% Seniors | 17.7% | -4.3% |
% WFH | 4.8% | 50.0% |
% w/ College Degree | 21.6% | 16.1% |
As of the latest ACS Survey released in 2023, Morristown, TN is a predominantly white area, with 74.3% of the population identifying as white. The white population has shrunk by 4.7% in the last 5 years. The second most common race or ethnicity in Morristown, TN is hispanic, making up 15.7% of the population. Foreign-born residents account for 8.1% of the population in Morristown, TN, and this percentage has increased by 15.7% 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 | 74.3% | -4.7% |
% Black | 3.5% | -35.2% |
% Hispanic | 15.7% | 15.4% |
% Asian | 1.2% | 0.0% |
% Foreign Born | 8.1% | 15.7% |
Mortgage and Risk — Morristown, TN
According to HUD data as of 2023, there were 654 mortgage originations in Morristown, TN, of which 68.0% of loans were conventional mortgages. The average loan-to-value was 66.0%, with 29.0% 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. 22.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 654 |
% Conventional Loans | 68.0% |
% Government Loans | 32.0% |
% Investor Loans | 5.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 22.0% |
Loan Activity
Rentals and Section 8 — Morristown, TN
As of 2024, the percent of homes in Morristown, TN under the Section 8 program is 3.4%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Morristown, TN, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 380 |
Total Units Section 8 | 176 |
% Rentals under Section 8 | 3.4% |
% Occupied Section 8 | 88.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$155 | $995 | $840 |
| 2 Bedroom | -$190 | $1,280 | $1,090 |
| 3 Bedroom | -$70 | $1,500 | $1,430 |
| 4 Bedroom | -$420 | $2,200 | $1,780 |
Affordability — Morristown, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.6 |
| Median Home Price | $274,000 |
| Median Household Income | $51,100 |