Is Morristown, MN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Morristown is a buyer's market

Buyer's
Market

Difference Since Last Month

Last month, Morristown was a Neutral Market.

Key Takeaway

Morristown is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Morristown, MN

How much do homes in Morristown, MN cost?

Median Sold Price

$55,000

$68/sqft

Based on all homes sold in February 2024.

Difference Since Last Month

-$132,000(-70.6%)

Key Takeaway

Homes in Morristown have sold for 70.6% less than they did a month ago.

Summary: The median home sold price in Morristown was $55,000 in February 2024, down 70.6% from last month, and the median price per square foot was $68.

Median Sold Price By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 --
N/A
2 $187K$55K
-70.6%
3 --
N/A
4 --
N/A
5+ --
N/A

Summary: Morristown housing prices by bedroom type for February 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 70.6%, 3 bedroom homes did not change, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Morristown
-70.6%
Morristown Township
-70.6%

Housing Supply in Morristown, MN

How many homes are available in Morristown, MN?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
68+33.3%

Summary: The Morristown real estate market had 8 homes for sale in February 2024, a 33.3% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 00
0.0%
2 22
0.0%
3 46
+50.0%
4 00
0.0%
5+ 00
0.0%

Summary: The Morristown housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 50%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
110.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Morristown, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 1 homes were sold or pending in Morristown in February 2024, the same as the previous month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for Morristown, MN

How long does it take to sell a home in Morristown, MN?

Average Sale Time

Jan 2024Feb 2024CHANGE
56 Days142 Days+153.6%

Summary: Homes in Morristown had an average of 142 days on market in Feb 2024, up by 153.6% compared to last month.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Morristown are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During February 2024, 1 homes were sold in Morristown; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in Morristown, MN

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