Memphis and Shelby County’s housing market found some stability in 2016 as the number of foreclosures hit a 15-year low, home sale activity picked up and home prices hit a record high as reported by Chandler Reports.
The total number of units sold was up 9% from 2015 with 17,537 sales recorded for the year, the highest level since 2007. Total home sale volume was up 12% from 2015 with $2.8 billion sold compared to $2.5 billion last year.
Average home sales prices hit a record high of $158,651 due to a lack of bank owned property sales, tight housing inventory and record high new home sales prices.
City of Memphis Sales on the rise
Home sales within the city limits of Memphis accounted for 64% of the county’s sales with 11,144 recorded.
The average price per square-foot was up in every area, with Shelby County seeing an overall 5% increase in price per square-foot.
Following is a breakdown of year-end home sales by municipality comparing 2016 to 2015:
2016 Home Sales by Municipality
#of Units Sold
Avg. Sale Price
42% of home sales in the county were valued under $100,000.
Home sales over $500,000 were up 14% from last year with 507 recorded compared to 445 in 2016. Home sales valued over $1 million were up 33%.
And the most expensive home sold in December in Memphis was…..
the former residence of Jerry West of NBA Hall of Fame. Built as the showplace “Quantum House”, the home sold for $1.4 Mil.