$330,000
0.50 Acres
Land
Listing Office: Vision Properties Group, Inc.
Is Morristown, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Morristown has remained a Seller's Market.
Key Takeaway
Morristown is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Morristown, TN
How much do homes in Morristown, TN cost?
Median Sold Price
$279,000
$160/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$13,445(+5.1%)
Key Takeaway
Homes in Morristown have sold for 5.1% more than they did a year ago.
Summary: The median home sold price in Morristown was $279,000 in October 2024, up 5.1% from last year, and the median price per square foot was $160.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $220K | N/A |
| 2 Bedrooms | $143.5K | $189K | +31.7% |
| 3 Bedrooms | $262.5K | $275K | +4.8% |
| 4 Bedrooms | $297.4K | $420K | +41.2% |
| 5+ Bedrooms | $330K | $458K | +38.8% |
Summary: Morristown housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 31.7%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 41.2%, and 5+ bedroom homes increased by 38.8%.
Median Sold Price Compared To Nearby Cities
| Talbott | $285K | $305K | +7.0% |
| Morristown | $265.5K | $279K | +5.1% |
| Jefferson City | $298.5K | $310.5K | +4.0% |
Housing Supply in Morristown, TN
How many homes are available in Morristown, TN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 85 | 88 | +3.5% |
Summary: The Morristown real estate market had 88 homes for sale in October 2024, a 3.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 6 | 12 | +100.0% |
| 3 Bedrooms | 55 | 53 | -3.6% |
| 4 Bedrooms | 15 | 17 | +13.3% |
| 5+ Bedrooms | 9 | 5 | -44.4% |
Summary: The Morristown housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 100%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes decreased by 44.4%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 22 | 17 | -22.7% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morristown, you may be able to get a good deal. 52.9% of homes here sold below asking price last month.
Summary: A total of 17 homes were sold or pending in Morristown in October 2024, down by 22.7% month-over-month. Of the 17 sold homes, 53% were sold under asking, 18% were sold at asking, and 29% were sold over asking.
Days on Market for Morristown, TN
How long does it take to sell a home in Morristown, TN?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 70 Days | 70 Days | -0.5% |
Summary: Homes in Morristown had an average of 70 days on market in Oct 2024, down by 0.5% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Morristown are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 17 homes were sold in Morristown; 53% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
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