Good news from the latest housing numbers released by the Memphis Area Association of Realtors. It appears that we are not currently in shifting market as many experts were predicting for 2019. Home sales were slightly up at 766 sales compared to the 761 we saw last February. (Shelby County Data Only)
It is also encouraging to see the average days on market decreased by 4 days, which tells us the demand for homes is still increasing. Average condo prices did see a fairly dramatic decrease in sales price, so we will want to keep an eye on it to see if that trend continues or if it is just an outlier.
The median residential price for a single-family home was $172,000, and for condos, it was $109,450. This compares to last year’s median residential and condo prices of $159,900 and $167,500 respectively.
There were 937 sales pending sales at the end of February. The average number of days on the market for a single-family home was 49 days.
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