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Home Values Up Notably for January in Memphis

Posted by Meghan Caldwell on February 10, 2020
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Memphis homeowners will be happy to hear home values are up remarkably for the month of January. We saw single-family home values up considerably at 18.3% ($227,127) from this time last year ($191,976). In addition, condominium prices were also up significantly by 27.6% ($167,543) compared to the average sales price of ($131,258) we saw last year. We saw a marginal decrease of 10.3% in home sales for January. Homes moved slightly slower as we saw the average days on market increased by 3 days. (Shelby County Only) 

 

Current Prices

The median residential price for a single-family home was $227,127, and for condos it was $167,543. This compares to last year’s median residential and condo prices of $191,976 and $131,258.

What’s Pending?

There were 782 pending sales at the end of January. The average number of days on the market for a single-family home was 54 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.