The Memphis housing numbers are out for April and it looks like the home buying season is off to a sluggish start compared to last year. There were 1,034 closings last month, which represented a .9% decrease from last April. The average sales price for single-family homes ($207,082) also dipped slightly by 1.6%, but condos home prices landed at $160,613 which was almost identical to what we saw this time last year. (Shelby County Only)
On the bright side, average days on market have continued a downward trend, which tells us the demand is still strong. We still expect to see a very healthy real estate market heading into the summer month, especially with interest rates hovering around 4%.
The average residential price for a single-family home was $207,082, and for condos, it was $163,800. This compares to last year’s average residential and condo prices of $210,00 and $160,494 respectively.
There were 768 pending sales at the end of April. The average number of days on the market for a single-family home was 42 days.
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All housing data has been procured from local MLS stats. Please speak with a local Realtor® to confirm stats for your specific area before buying or selling a home.