Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$297,011+2.7% YoY · prices are rising
Market right nowBalanced, leaning buyersMore homes for sale than last year, 26% have cut their price
Income needed to buy, per year$64,386About 1.0× the local median income ($63,600): a stretch for a typical household
Days on market66 daysFaster than a year ago: sellers have the edge
Next 12 months+1.9%Zillow expects prices to rise slightly
The typical home in Morristown, TN is worth $297,011, up 2.7% from a year ago. That is well above what local incomes have historically supported: fair value is about $251,992, so the area is 17.9% overvalued. It is a balanced market, leaning toward buyers: homes take about 66 days to sell, listings are up 5% from a year ago, 26% of listings have had a price cut. Zillow expects prices to rise about 1.9% over the next year. A household needs about $64,386 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $63,600. Typical rent is $1,560 a month, or $1,836 for a house. In the latest IRS figures, 1,924 more people moved in than out.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$297,011
Change in 1 year
+2.7%
Overvalued %
+17.9%
Show 7 more
Fair home value
$251,992
Change in 5 years
+35.6%
Zillow forecast, next 12 months
+1.9%
Home value to income
4.7×
Monthly mortgage payment (20% down)
$1,610
Income needed to afford it
$64,386
Property tax rate
0.42%
Rent and investing
Typical rent
$1,560
Typical rent for houses
$1,836
Price-to-rent ratio
15.9×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$1,153
Gross rental yield
6.30%
Cap rate (estimate)
4.10%
Market activity
Listings vs a year ago
+5.1%
Days on market
66
Listings with a price cut
25.5%
Show 3 more
Homes for sale
520
Pending sales per 100 listings
29
Asking price per sq ft
$234
People and jobs
Median household income
$63,600
Population change (1 year)
+1.2%
Unemployment rate
4.9%
Show 4 more
Population
128,867
Income adjusted for cost of living
$73,611
Net moves in (IRS)
+1,924
Cost of living (US = 100)
86.4
Schools, risk and environment
School rating (1 to 10)
6.1
FEMA hazard risk score (0 to 100)
46.1
Unhealthy air days a year
0
Show 4 more
Flood risk score
55.6
Wildfire risk score
41.5
Walkability (1 to 20)
5.9
Road, rail and air noise
54 dB
Questions people ask
Is Morristown, TN overvalued?
Home prices in Morristown, TN are well above what local incomes have historically supported: fair value is about $251,992, so the area is 17.9% overvalued.
Is Morristown, TN a buyer's or seller's market?
Morristown, TN is a balanced market, leaning toward buyers: homes take about 66 days to sell, listings are up 5% from a year ago, 26% of listings have had a price cut.
Are home prices going down in Morristown, TN?
Home values in Morristown, TN are up 2.7% over the last year. Zillow's forecast for the next 12 months is +1.9%.
How much do you need to earn to buy a home in Morristown, TN?
A household needs about $64,386 a year to afford the typical home in Morristown, TN at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $63,600.