The Price is Right - Median Edition

The Price is Right - Median Edition

It’s no secret that home prices are on the rise. This becomes all the more important as interest rates also increase. So where do you get the most bang for your buck? That really is an individual question that can only be answered by your needs. What I hope to do is inform your decision with some data on 7 West Knoxville zip codes. Using sales recorded in the Knoxville Area Association of Realtors Multiple Listing Service (KAARMLS), we looked for the median sale price of homes. 

If it has been a while since you encountered means, medians and modes (oh my!), the median is the middle figure in a series of numbers. In our context of housing, there will be an equal number of more expensive homes above our median as there are less expensive homes below it. I chose to focus on the median home price because I found a significant influence of luxury and/or waterfront homes pulling the sales price average up (also called mean), by as much as $56,731 in one case! I want to share data that is not only accurate, but also useful.  

Consider the priorities for your housing. Examples include proximity to work, church, county/city taxes, school pipelines, restaurants, shopping, etc. Using those categories, which zip code appeals to you the most? Now factor in the median home price…is that zip code worth the cost and does it fit your budget? If not, is a neighboring zip code close enough and significantly more affordable? 

When it comes to our own 37932, our median home is at $309,900, which puts us as the 3rd most expensive zip code. With that said, Hardin Valley is $78,000 less than the highest (Farragut – $387,900) and the $40,100 less than the 2nd highest (Concord/Bluegrass – $350,000). 37919 (Bearden, Rocky Hill, etc.) came in 4th at $289,900 followed by Karns ($232,900) and Cedar Bluff ($209,900). The least expensive zip code in our study was 37909 with a median home price of $189,900. 

Given our schools, proximity to Oak Ridge, Turkey Creek and new, local shopping/restaurant options popping up monthly, I think the case for Hardin Valley having the most bang for the buck has just been made! What do you think?

We will send you the Hardin Valley Coupon Book.

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