The Memphis real estate market has closed out the first quarter on a high note despite uncertain times. The latest reports show single-family home values up a remarkable 23.5% ($245,488) from this time last year ($198,724). Additionally, condominium prices were only down slightly by 3.3% ($174,703) compared to the average sales price of ($180,712) we saw last year. We saw a decrease of 18% in home sales for March, which was expected with the current “Stay at Home” order. Homes also moved a little faster, as we saw the average days on market decreased 1 day. We will stay hopeful the market will remain steady leading into the spring buying season. (Shelby County Only)
The median residential price for a single-family home was $245,488, and for condos, it was $174,703. This compares to last year’s median residential and condo prices of $198,724 and $180,712.
There were 812 pending sales at the end of March. The average number of days on the market for a single-family home was 45 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.