If you own a home in Memphis, chances are that your home saw a nice bump in value last month. The latest home sales data for July shows that home values increased by an impressive 9.7% ($251,552) for single-family homes, while condo prices increased 2% ($186,884). These are numbers that we usually see in hot cities like Nashville. Additionally, the number of home sales were up by 2%, while the average days on market remained the same. (Shelby County Only)
The median residential price for a single-family home was $251,552, and for condos, it was $186,884. This compares to last year’s median residential and condo prices of $229,375 and $183,042 respectively.
There were 1,663 pending sales at the end of July. The average number of days on the market for a single-family home was 36 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.