Is Morristown, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$270,000
$155/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Morristown have sold for 0.5% more than they did a year ago.
Summary: The median home sold price in Morristown was $270,000 in May 2024, up 0.5% from last year, and the median price per square foot was $155.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $125K | $164.9K | +31.9% |
| 3 Bedrooms | $258.9K | $267.4K | +3.3% |
| 4 Bedrooms | $297.4K | $339.5K | +14.1% |
| 5+ Bedrooms | $390K | $316.2K | -18.9% |
Summary: Morristown housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 31.9%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes decreased by 18.9%.
Median Sold Price Compared To Nearby Cities
| Jefferson City | $279.9K | $300K | +7.2% |
| Talbott | $282.4K | $293.1K | +3.8% |
| Morristown | $268.6K | $270K | 0.5% |
Housing Supply in Morristown, TN
How many homes are available in Morristown, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 66 | 72 | +9.1% |
Summary: The Morristown real estate market had 72 homes for sale in May 2024, a 9.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 17 | 18 | +5.9% |
| 3 Bedrooms | 32 | 31 | -3.1% |
| 4 Bedrooms | 12 | 16 | +33.3% |
| 5+ Bedrooms | 5 | 7 | +40.0% |
Summary: The Morristown housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 5.9%, 3 bedroom homes decreased by 3.1%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 40%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 13 | 19 | +46.2% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morristown, you may be able to get a good deal. 47.4% of homes here sold below asking price last month.
Summary: A total of 19 homes were sold or pending in Morristown in May 2024, up by 46.2% month-over-month. Of the 19 sold homes, 47% were sold under asking, 11% were sold at asking, and 42% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 62 Days | 55 Days | -11.1% |
Summary: Homes in Morristown had an average of 55 days on market in May 2024, down by 11.1% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
3 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 May 2024, 19 homes were sold in Morristown; 42% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms. 
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.