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.
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
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
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
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.