Median home value
What does this measure?
The home value reported by the homeowner to the Census Bureau, adjusted for inflation. The median represents the mid-point of home values (half the values are above the median and half below).
Why is this important?
A home is usually a person's or family's highest-valued possession. Home values are also an indicator of the region's cost of living, relative wealth, and general prosperity.
How is our region performing?
In 2010-14, the median home value in the 9-county region was $151,500, essentially unchanged from 2005-09 and up 14% from 2000. In contrast to the the region, the state and the nation both experienced a large rise in home value from 2000 to 2005-09 and a fall from 2005-09 to 2010-14; in total, the median home price in the nation rose 7% and in the state rose 9% from 2000 to 2010-14.
The counties with the highest home values in the region in 2010-14 were Loudon at $177,600 and Blount at $163,600. Home values in Loudon have grown the fastest, increasing 33% from 2000 to 2010-14, followed by Knox and Blount, increasing 17% and 15% respectively over the same period. Union had the lowest median home value at $99,300 and was also the only regional county to experience a decline in home value, dropping 9% from 2000 to 2010-14.
Notes about the data
Figures for the region and surrounding counties were calculated by aggregating county medians based on each county's share of the region's population. Data are presented in 2014 dollars. Mutliyear figures are from the Census Bureau's American Community Survey. The bureau combined five years of responses to the survey to provide estimates for smaller geographic areas and increase the precision of its estimates. The survey provides data on characteristics of the population that used to be collected only during the decennial census.