Morristown, TN Housing Market
AI-powered market intelligence for the Morristown, TN metro area.
PropertyIQ Scores
Morristown, TN Market Analysis
Market Overview
Morristown’s PropertyIQ Score of 14 out of 100 puts it in a weak position relative to broader state benchmarks. The median home value is $299,596, about 10.3% below Tennessee’s $334,108 average, but that affordability edge is offset by weaker local income: median household income is $60,553, roughly 13% below the state’s $69,595. Unemployment is 3.8%, slightly above the state average of 3.4%. The score is driven by soft near-term momentum: home value momentum over 12 months is a positive 5.37%, but over three months it is -0.59%. Listings are also moving slowly, with a median of 70 days on market and 29.0% of active listings showing a price cut.
The rental market is a notable contrast. Morristown’s rent index is $1,479, well above Tennessee’s $1,189 average—a roughly 24.4% premium. With 492 homes for sale and price reductions widespread, the market looks better for renters and investors seeking cash flow than for sellers expecting rapid appreciation.
Key Trends
The first trend is cooling price momentum. The 12-month home value momentum of 5.37% shows some annual appreciation, but the three-month figure of -0.59% points to a recent stall or decline. A reported year-over-year home value change of just $6 reinforces that near-term price growth has flattened.
A second trend is slower sales and rising seller concessions. Median days on market is 70, and 29.0% of listings have a price cut. With 492 homes for sale, supply is not being absorbed quickly, giving buyers more room to negotiate.
A third trend is the tension between home values and local earning power. Morristown’s median home value is lower than the state average, but its median household income is also lower. The implied price-to-income ratio is roughly 5.0, slightly above the state-level ratio of about 4.8, meaning affordability is not dramatically better for local buyers.
A fourth trend is the rental yield gap. The rent index of $1,479 and median home value of $299,596 imply a gross annual rent of about $17,748 and a gross yield near 5.9%, compared with a state-level gross yield near 4.3% using the $1,189 rent index and $334,108 median home value.
Who Is This Market For
This market is best suited to cash-flow-oriented investors and patient first-time buyers. Investors may be drawn to the rent index of $1,479, which is well above the state average, and the lower median home value of $299,596. The implied gross rental yield of roughly 5.9% is stronger than the state-level comparison, though the negative three-month momentum of -0.59% and 29.0% price-cut share mean short-term appreciation should not be assumed.
First-time buyers may benefit from below-state home values, slower sales, and price cuts. The 70-day median days on market suggests less urgency and more negotiating power than in a fast-moving market. However, local incomes are modest, with median household income at $60,553, which may limit what many local buyers can qualify for. Move-up buyers and sellers relying on price growth are likely to find this market difficult.
Outlook
The near-term outlook is cautious. The three-month home value momentum of -0.59%, the flat year-over-year home value change of $6, and the 70-day median days on market suggest that price growth has cooled and buyers have leverage. The 29.0% price-cut share points to continued seller adjustments. At the same time, the positive 12-month momentum of 5.37% and a rent index well above the state average provide some stability, particularly for rental demand. Population growth data is not available, so longer-term demand trends cannot be fully assessed. Based on the current numbers, Morristown is positioned for a flat-to-soft market rather than a rapid rebound.
AI-generated analysis based on current market data. Last updated October 2, 2026.
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Morristown, TN market data
Morristown, TN Housing Market Overview
Morristown, TN's median home value is $300K, up 5.4% over the past year. Homes here sell in a median 70 days. Its PropertyIQ Score of 14 sits below the state average of 50, marking a market positioned to lag its state over the next three years.
Whether you're considering buying a home, investing in rental property, or weighing entry timing in the Morristown, TN area, the PropertyIQ Score gives you a single, data-first read on relative market strength. It is validated against actual market outcomes from 2001 to 2023, with a positive score-to-return relationship in every validated year across TN and every other US state.
Southeastern markets benefit from manufacturing investment, logistics infrastructure, and relative affordability compared to national averages. The region's population growth — driven by both domestic migration and natural increase — supports sustained housing demand across metro and suburban areas. Within the Southeast, Morristown, TN's PropertyIQ Score of 14 runs below the Southeast norm.
Tennessee's no-income-tax status and central location have fueled Nashville's rise as a corporate relocation destination, while Memphis and Knoxville offer more affordable alternatives with their own economic drivers.
The PropertyIQ Score for the Morristown, TN market is built from four inputs: Zillow home-value momentum over twelve months, Zillow home-value momentum over three months, the median days listings spend on the market (Realtor.com), and the share of listings with a price cut (Realtor.com). The score runs on a 1 to 99 scale computed across all metro markets nationally and calibrated so 50 equals the state average — a score above 50 means this market is positioned to outperform its state, and a score below 50 means it is set to lag. Momentum here has been positive, with home values up 5.4% over the past year.
Explore the interactive map to see how Morristown, TN compares to neighboring metros, or view the full market dashboard for detailed analytics including time-series trends, score breakdowns, and AI-generated market reports.
Counties in the Morristown, TN metro area
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Market data through August 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Morristown, TN a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Morristown, TN currently scores 14, a very weak-momentum reading that leaves it positioned to lag its state over the next three years. For buyers, cooling demand usually brings more inventory, longer sale times, and real leverage to negotiate on price. Backing that up, the median home value here is $300K, up 5.4% over the past year. So whether Morristown, TN is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Morristown, TN?
Morristown, TN's PropertyIQ Score is 14, indicating very weak momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 14 places Morristown, TN below its state benchmark.
Are home prices in Morristown, TN rising or falling?
Home prices in Morristown, TN are rising. Over the past year, the median home value increased 5.4%, reaching $300K. Over the latest three months, values slipped 0.6%, a sign near-term demand is softening. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Morristown, TN's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Morristown, TN?
In Morristown, TN, homes sell in a median of 70 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 29% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Morristown, TN market data is refreshed on a monthly cycle, with the latest figures current through August 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.