When you’re starting your home buying or selling journey, don’t forget to take the current housing market into consideration. The Memphis housing market is uniquely diverse, and the JudyMac team of Crye-Leike Realtors is here to help to determine which neighborhoods will give you the investment and lifestyle that you and your family are looking for. Using data from chandler reports, we’ve broken down the market conditions by neighborhood.
2019 Memphis Market Conditions
So far, home sales in the first half of 2019 are about the same as they were in the first half of 2018. Average home sales (number of homes sold) were down 1%, while average home prices were up 1%. Looking at a shorter period, in the last three months, the number of residential sales in Memphis and Shelby County has been lower than the same period last year. This is primarily due to low housing inventory.
June Market Conditions
Looking at June specifically, 1,887 units were sold in June 2018, while 1,832 units were sold in June 2019. However, total sales have increased by 6%, from $361 million to $384 million. While fewer homes are selling, the ones that are sold sell for more than in previous years. The average home sale price in June 2018 was $191,334 and went up in 10% in June 2019 to $209,872. The median home sale price also went up by 12% to $167,500.
Thanks to low inventory, buyers are willing to pay more for the homes that they want, which is good news for the seller. Home sales valued over $300,000 went up by 15%. In June 2018, 354 homes sold, compared to 408 sales in June 2019. Home sales over $1M were up significantly. In June 2018 8 were sold, while 11 were sold in June 2019, representing a 38% increase.
If you take a closer look at specific neighborhoods, you can see which areas are experiencing the most growth in both home sales and sale price.
Growth in Collierville and Germantown
Collierville and Germantown are both strong markets that saw growth in June. Both markets show promise for continued growth for buyers and sellers, as both existing home sales and new homes starts remain steady or grow. For example, while new home permits were down 12% in June with only 59 permits filed, Collierville alone had 19 new home starts. Average new home sales prices increased by 12% to $416,952 compared to $370,927 in June 2018.
As markets change, the JudyMac Team of Crye-Leike Realtors is here to help you navigate the home buying process, and find the perfect place to call home. Contact us today to get started.