Comparing the income range of home buyers to the average home sale offers some interesting insights on both buyers and markets. Builder online uses the data for its home builder profile. Like many metrics it’s fluid and its message are best used with regular updates and reviews.
Here’s the Census baseline. Kingsport-Bristol has the highest median family income ($48,655) of the Tri-Cities’ two Metropolitan Statistical Areas (MSA). The Johnson City metro area’s number is $45,917. The median value of a Johnson City MSA home is $156,400, and it’s $149,200 in Kingsport-Bristol.
While much of the buyer profiles align with the Census data there are exceptions in both metro areas.
The profile’s primary use is to target buyers in specific income ranges. It can also suggest which segment of home prices will be in most demand.
The Kingsport-Bristol MSA includes Hawkins and Sullivan counties in NE TN and Scott and Washington counties in SW VA. The Johnson City metro area includes Carter, Washington, and Unicoi counties in NE Tenn.
Categories: REAL ESTATE