Market Report

Morristown, TN

Short-term forecast

Track

House price changes in the Morristown, TN metro market are forecasted to track the national market in the short term. Based on the housing market vitality metric, the market ranks 200 among 402 US metro housing markets. Currently, the metro market is tracking the national market and performance is forecasted to moderate.

MARKET RANK
Mar 2020 Mar 2019
200 / 402 190 / 402
SITUATION
Mar 2020 Mar 2019
Tracking Tracking
OUTLOOK
Mar 2020 Mar 2019
Neutral Neutral

Forecasted Performance

The local housing market vitality is forecasted to moderate and performance will be in the middle fifty of all metro markets. Improvements in national economy conditions boost the forecasted performance and changes in local economy and housing availability conditions moderate the forecast.

Trailing 12-month Performance

Over the last twelve months, local housing market vitality improved slightly and performance is currently in the middle fifty of all metro markets. Improvements in housing availability and job market conditions lifted trailing 12-month performance and changes in local economy and national economy conditions moderated performance.

Industry Specialization

The local economy is specialized in: Mining, Manufacturing, and Edu Health svcs. Information, Pro Bus svcs, and Fncl activities industry sectors are less important to the local economy. Industry specialization helps explain the differing impact of industry trends on local economies in contrast to industry composition which describes the structure of the economy. A Specialization Index value greater than 100 corresponds to the sector having a greater share of the local economy than it does of the national economy. Sectors with a Specialization Index greater than 120 characterize the local economy.

Industry Composition

Accounting for 61% of the local business economy, the top three industry sectors are: Trade Trans Util, Manufacturing, and Edu Health svcs. These industry sectors create the bulk of the jobs and earnings that power the local economy. Longer-term trends that impact these sectors will have an enduring effect on the local economy.

Market Demographics

Compared to the US, Morristown, TN metro market has a higher incidence of poverty and the local population has less purchasing power. There are fewer high school graduates and a smaller proportion of the population is college educated. Lastly, the local population is less diverse than the overall US population. A Demographics Index value greater than 100 corresponds to the factor being more intense in the local market versus the national average. Characteristics of the local population is a longer-term factor that influences the housing market.