Morristown, Tennessee Housing Market Prices
Morristown Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 55% below the Tennessee median$114,951
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Median rent 25% below the Tennessee median$887
Housing Market Overview
| Metric | Morristown | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $114,951 | $255,786 | $248,835 |
| Price Trend (Annual %) | 7.9% | 9.9% | 7.5% |
| Median Gross Rent | $887 | $1,188 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 5.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morristown is about 55% lower than in Tennessee. Rent is about 25% lower than the Tennessee average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Morristown, up about 7.9% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Morristown rose about 37.0% between 2015 and 2024, from $647 to $887. Over the same span, rent in Tennessee rose about 55.6%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Morristown.
Buying the median-priced home in Morristown costs roughly 10.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Morristown. The price-to-rent ratio in Tennessee is about 17.9.
| Metric | Morristown | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $114,951 | $255,786 | $248,835 |
| Median Household Income | $46,329 | $69,901 | $80,455 |
| Price-to-Income Ratio | 2.5 | 3.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Morristown rose about 14.7%, while median household income rose about 29.9% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Morristown | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.3% | 60.1% | 58.5% |
| Rental Rate | 36.5% | 29.7% | 31.2% |
| Vacancy Rate | 9.3% | 10.2% | 10.2% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Morristown has a homeownership rate of 54.3%, lower than the Tennessee average of 60.1%. Its housing vacancy rate is 9.3%, compared with 10.2% in Tennessee.
Housing Stock
| Metric | Morristown | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1975 | 1986 | 1978 |
| Median Number of Rooms | 5.3 | 5.7 | 5.5 |
The typical housing unit in Morristown was built around 1975. On average, 2.6 people live in a home with about 5.3 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Morristown, Tennessee.
What is the median home price in Morristown, Tennessee?
The median home price in Morristown, Tennessee is $114,951, lower than the Tennessee average of $255,786.
What is the average home price in Morristown, Tennessee?
The typical home price in Morristown, Tennessee, reported as the median sale price, is $114,951. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Morristown, Tennessee?
The median gross rent in Morristown, Tennessee is $887 per month, lower than the Tennessee average of $1,188.
What was the median gross rent in Morristown in 2020?
In 2020, the median gross rent in Morristown, Tennessee was $722 per month.
What is the price-to-rent ratio in Morristown, Tennessee?
The price-to-rent ratio in Morristown, Tennessee is about 10.8, meaning it would take roughly 10.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Morristown.
Are home prices or rent rising faster in Morristown, Tennessee?
Both home prices and rent are rising in Morristown, up about 7.9% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Morristown, Tennessee?
54.3% of households in Morristown, Tennessee own their home, lower than the Tennessee average of 60.1%.
What is the vacancy rate in Morristown, Tennessee?
The housing vacancy rate in Morristown, Tennessee is 9.3%, lower than the Tennessee average of 10.2%.
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