Bruce Lee once said, "long term consistency trumps short term intensity." This reminds me of the Memphis real estate market which is not going to excite you by breaking any records, but it has maintained a steady and predictable pace. When compared to 2018, May home sales decreased slightly for single-family homes and condominiums. There were 1,187 homes sold, which was 0.6% fewer closings than we saw this time last year. In contrast, however, home values have continued to rise with single-family homes up 0.7% ($239,186) and condo prices up an entire 1.5% ($177,710). (Shelby County Only)
One promising note is that average days on market have decreased by 2 days, suggesting that the demand for homes this summer remains strong.
The median residential price for a single-family home was $239,186, and for condos, it was $177,710. This compares to last year’s median residential and condo prices of $237,421 and $175,025 respectively.
There were 1,592 pending sales at the end of May. The average number of days on the market for a single-family home was 37 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.