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Memphis Home Values Rise in June With the Summer Heat

Posted by Scott Layson on July 19, 2019
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The month of June was kind to homeowners in Memphis. Compared to this time last year, home values showed a solid increase of 3% ($247,613) for single-family homes, while condo prices soared to a 7% ($181,659) increase. Additionally, the average days on market was down by two days. The number of home sales however, remained almost completely flat as we saw a decrease of 0.6% in sales.  (Shelby County Only) 

 

Current Prices

The median residential price for a single-family home was $247,613, and for condos, it was $181,659. This compares to last year’s median residential and condo prices of $240,401 and $169,750 respectively.

What’s Pending?

There were 1,756 pending sales at the end of June. The average number of days on the market for a single-family home was 35 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.