If you own a condo in Memphis then you will probably be happy to hear that the Median sales price for condos saw a 17.5% increase compared to March of 2018. Single-family home values did not fare as well as they rose only about 1% compared to what we saw this time last year.
Overall, home sales were down 2.2% from last year's numbers, but there is a silver lining as we saw days on market drop by an impressive 6 days. With rates continuing to stay low, we are still expecting a flurry of homebuyers to hit the market for the spring and summer months.
The median residential price for a single-family home was $169,000, and for condos, it was $165,000. This compares to last year’s median residential and condo prices of $168,000 and $140,450 respectively.
There were 970 sales pending sales at the end of March. The average number of days on the market for a single-family home was 46 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.