Morristown, TN Housing Market Update: Inventory, Prices, and Development Watch
Morristown, TN – February 28, 2026 – Inventory stayed elevated into late winter as values edged up and homes moved in about a month; rentals were steady.
Morristown, TN is moving into the early-spring season with a market that looks active but not frantic. Price measures are trending higher, while available inventory appears manageable for buyers who stay patient and keep a close eye on timing and condition.
Top takeaways (late winter)
- Home values and inventory (Zillow): Zillow’s typical home value is $262,761 (data through Jan. 31, 2026). The market shows 220 homes listed for sale and 49 new listings recorded for the month.
- Sale prices and pace (Redfin): Redfin reports a January 2026 median sale price of about $344K, with homes selling after roughly 43 days on market.
- Rent snapshot (Zillow): Zillow’s average rent is $1,483 as of Jan. 31, 2026, described as down slightly month over month—suggesting rental conditions have been relatively steady rather than sharply accelerating.
- Development watch: Local reporting says a rezoning was approved for the proposed Morristown Meadows subdivision, which could add hundreds of lots once full plans are submitted.
What to watch next
As more listings arrive in March, the key question is whether the market’s tempo stays closer to Zillow’s roughly month-long pace or leans toward Redfin’s mid-40s days-on-market figure. A sustained stretch on market can shift negotiating power, especially for homes that are priced for last season rather than current buyer attention.
For shoppers, using listing filters like “new construction” and “lots/land” can help separate move-in-ready inventory from longer-horizon opportunities tied to future projects. For sellers, days on market is a useful reality check: if comparable homes are lingering, pricing and presentation become more important than ever.
What are you seeing right now—more price cuts, more multiple-offer homes, or more builders pushing incentives?