37861
Morristown, Tennessee
Morristown 37861 needs watching.
The 37861 ZIP code in Morristown, Tennessee has a median sale price of $250K, down -29.8% year-over-year. Homes spend an average of 87 days on market, with 9% of homes selling above list price.
Folio's PropIQ™ score of 51 signals Caution conditions. Elevated price drops and longer days on market indicate softening in 37861.
The Morristown 37861 market shows significant price contraction, with the median sale price settling at $250,000 after a 29.8% year-over-year decline. Homes are averaging 87 days on market, indicating sluggish absorption compared to pandemic-era velocity. Only 9% of properties are closing above list price, confirming weak buyer competition and a decisive shift from the seller-dominated conditions of previous years. This data points to a market recalibrating after an extended period of appreciation.
Bargain-hunting primary homebuyers gain the most leverage in these conditions, with negotiating power restored after years of bidding wars. The 29.8% price reduction creates entry points for first-time purchasers previously priced out of the market. Cash investors face higher risk given the 51 PropIQ score and negative price momentum; value-add strategies work only with significant discount-to-replacement-cost purchases. Sellers with equity cushions from pre-2024 purchases can still exit profitably, but recent buyers face potential underwater positions.
The 51 PropIQ score signals continued market weakness without clear directional conviction for the next two quarters. With prices already down nearly 30%, further catastrophic declines appear less probable, but the 87-day DOM and minimal above-list sales suggest no imminent recovery catalyst. Monitor employment data in the Morristown metro and inventory levels monthly; stabilization requires DOM compression below 60 days and above-list sales exceeding 15% before confirming any trend reversal.
What is the median home price in 37861 Morristown?
The median sale price in 37861 is $250K, down -29.8% year-over-year as of 2026-02-28.
How long do homes stay on the market in Morristown 37861?
Homes in 37861 Morristown spend an average of 87 days on market before going under contract.
Is Morristown 37861 a good place to invest in real estate?
Folio's PropIQ™ score for 37861 is 51/100 — a Caution signal. 9% of homes sold above asking.
What does a PropIQ™ score of 51 mean for 37861?
PropIQ™ is Folio's proprietary market score combining price momentum, days-on-market velocity, inventory absorption, and investment signals into a 0–100 number. Score of 51 = Caution in 37861 Morristown, Tennessee.