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Home Values Up Significantly for April in Memphis

Posted by Meghan Caldwell on May 15, 2020
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The latest reports show single-family home values up an outstanding 26.9% ($266,380) from this time last year ($209,932). Furthermore, condominium prices were only down slightly by 5.3% ($150,133) compared to the average sales price we saw last year ($158,584). We saw a decrease of 18.9% in home sales for April, which was no surprise with the “Safer at Home” order. Despite a decrease in sales, homes moved a little faster, as we saw the average days on market decreased 3 days. Now that the “Safer at Home” order is being lifted and distancing measures are easing, we remain hopeful that we will see sales start to increase.  (Shelby County Only)

 

Current Prices

The median residential price for a single-family home was $266,380, and for condos, it was $150,133. This compares to last year’s median residential and condo prices of $209,932 and $158,584.

What’s Pending?

There were 645 pending sales at the end of April. The average number of days on the market for a single-family home was 39 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.