Market Overview
Home Prices in New Market, TN
The median home value in New Market, TN is $324,232 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 3.3% compared to a year ago and up 1.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in New Market are priced21% below average. New Market is part of the Morristown, TN metro area.
Over the past five years, New Market home values have risen by approximately40.3%, reflecting strong long-term appreciation in this market.
Price History
New Market Home Price Trend
City Comparison
New Market vs. National Median
At $324,232, homes in New Market cost 21% below the national median of $410,000. This makes New Market a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in New Market?
20% Down Payment
$64,846
on $324,232
Monthly P&I
$1,691/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,148/mo
incl. taxes & insurance
Income Needed
$85,920
gross annual (30% rule)
10% Down Option
$32,423
+ PMI applies
Loan Amount (20% dn)
$259,386
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in New Market, TN?
The median home value in New Market is $324,232 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 3.3% year-over-year.
How much have home prices changed in New Market?
Over the past year, home values in New Market have increased by 3.3%. Over five years, prices have risen approximately 40.3%.
How much do I need to earn to buy a home in New Market?
To comfortably afford the median home price of $324,232 with a 20% down payment ($64,846) at today's rates (6.8%), you'd need a gross annual income of approximately $85,920. This assumes keeping total housing costs at or below 30% of gross income.
How does New Market compare to the national average home price?
The national median home value is approximately $410,000. At $324,232, homes in New Market are 21% below the national average.
What metro area is New Market part of?
New Market is part of the Morristown, TN metropolitan area. Home prices and market conditions can vary across the broader metro region.