Morristown, TN Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Morristown, TN, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same properties. The index was created in order to be a more timely measure of home price changes than other indices because it relies on data from mortgage transactions.

The HPI for Morristown, TN was 176.874 in September 2020, which means that home prices have increased by 76.874% since January 2000. This is higher than the national HPI of 168.964 and the Tennessee HPI of 171.075.

There are several factors that have contributed to the increase in home prices in Morristown, TN. The first is population growth. Between 2010 and 2019, the population of Morristown grew by 6%, while the national population only grew by 4%. This population growth has led to an increase in demand for housing, which has driven up prices.

Another factor that has contributed to rising home prices is low interest rates. Low interest rates make it cheaper to borrow money for a mortgage, so more people can afford to buy homes. In addition, low interest rates make it more attractive for investors to buy property since they can get a better return on their investment when they sell.

Finally, limited supply has also played a role in driving up home prices in Morristown, TN. There is only so much land available for new construction, and with more people moving to the area there is not enough housing to meet demand. This has caused prices to rise as buyers compete for limited inventory.

Looking forward, it is expected that home prices will continue to rise in Morristown due to these same factors: population growth, low interest rates and limited supply