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Home Values See Another Huge Jump in November

Posted by Meghan Caldwell on December 23, 2019
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Memphis homeowners were given a nice present for the holidays as we saw single-family home values up considerably at 9.7% ($223,649) from this time last year ($205,491). In addition, condominium prices were up substantially by 11.5% ($203,837) compared to the averages we saw last year ($169,241). We also saw an increase of 1% in reported home closings. The average days on market were shockingly low at just 21 days. (Shelby County Only)

 

 

Current Prices

The median residential price for a single-family home was $223,649 and for condos, it was $188,774. This compares to last year’s median residential and condo prices of $203,837 and $169,241.

What’s Pending?

There were 502 pending sales at the end of November. The average number of days on the market for a single-family home was 21 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.