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Home Values Continue to Rise in December

Posted by Meghan Caldwell on January 17, 2020
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The Memphis real estate market closed out the decade on a high note as we saw a 2.2% increase in home sales for December. We also saw single-family home values up significantly at 9.1% ($226,040) from this time last year ($207,173). Condominium prices on the other hand were down by 2% ($144,705) compared to the average sales price of $147,673 we saw last year. Homes moved slightly faster as we saw the average days on market decrease by 1 day. (Shelby County Only)  

 

Current Prices

The median residential price for a single-family home was $226,040 and for condos, it was $144,705. This compares to last year’s median residential and condo prices of $207,173 and $147,673.

What’s Pending?

There were 422 pending sales at the end of December. The average number of days on the market for a single-family home was 43 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.