Memphis Real Estate Market Report

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April Real Estate Update
Home Sales
A major shortage of homes available on the market is the most likely culprit causing home sales in Memphis and Shelby County to decline for the first time in eight months.
The number of units sold in April was down 7% with 1,470 sales recorded for the month compared to 1,574 last year.
Through the first four months of this year, the number of home sales recorded are up 7% and average home sales prices are up 5% from the same period in 2016.
Average home sales prices in April reached $158,037, up 4% from $151,458 in April 2016.
Bank-owned property sales continue to decline, down 35% from last April with 113 recorded for the month averaging $88,106.
Check out the breakdown of April home sales by municipality comparing 2017 figures to 2016:
Home Sales by Municipality
Municipality #of Units Sold Avg. Sale Price Avg. Price/SqFt
Arlington -11% 2% 6%
Bartlett -14% 5% 7%
Collierville -27% 4% 5%
Germantown -14% 13% 5%
Lakeland -31% 1% -2%
Memphis -6% 6% 7%
Millington -44% 19% 10%
Unincorporated 20% 12% 6%
Home sales over $500,000 were up 21% from last year with 46 recorded for the month compared to 38 in April 2016. 
One of the priciest sales when priced per square footage was a sale in the Artesian Condominums which sold for $280.12 a square foot. This popular 16-story high rise offers stunning, contemporary condos with sweeping views from the rooftop deck.  The amenities include indoor and outdoor pools, tennis court, bike storage, workout room, yoga room, a pet park and more.  9989540-7Would you pay $280 a square foot for this view? 

This has affected your home’s value!

I would like to invite you to find out the new value of your home using today’s technology at a website I created that will provide you with your homes new value at:

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See all current homes for sale near YOU with option to get notified as soon as your neighbor’s home lists for sale before the major real estate websites even get them!

I hope you find this helpful and, as always, I appreciate your consideration in referring any friends, family, or colleagues my way.

Again, thank you for supporting me and my business endeavors and do not hesitate to let me know if you have any questions about anything related to real estate or your home!

Best Wishes,

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Suzanne White
Keller Williams Realty
Licensed In: TN
License #: 294656
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