Your March 2017 Market Report
March 2017 Memphis Home Sales
Home sales in Memphis and Shelby County continued an upward trend through the first quarter of 2017.
The number of units sold in March was up 20% with 1,612 sales recorded for the month compared to 1,344 last year. Total home sales volume was up 26% with $245 million recorded compared to $195 million last March.
Through the first quarter of this year, the number of home sales recorded are up 13% and average home sales prices are up 6% from the same period in 2016.
Average home sales prices in March reached $151,688, up 5% from $144,949 in March 2016.
One of Downtown Memphis’ most distinct homes has sold. Designed in 2003 by Archimania, the nearly 5,000-square-foot home sits on the bluff of the Mississippi River at 449 Tennessee St. Garnering a sales price of $1.7 million, the home takes the distinction of being the most expensive house sold this year.
Bank-owned property sales continue to decline, down 17% from last March with 137 recorded for the month averaging $95,282.
Investor purchases accounted for 24% of all home sales in Shelby County for the month with an average sales price of $67,428.
Following is a breakdown of March home sales by municipality comparing 2017 figures to 2016:
Home Sales by Municipality
| Municipality |
#of Units Sold |
Avg. Sale Price |
Avg. Price/SqFt |
| Arlington |
-29% |
3% |
9% |
| Bartlett |
12% |
16% |
10% |
| Collierville |
12% |
16% |
10% |
| Germantown |
31% |
11% |
9% |
| Lakeland |
0% |
-9% |
6% |
| Memphis |
24% |
5% |
8% |
| Millington |
15% |
-6% |
-3% |
| Unincorporated |
16% |
6% |
5% |
This has affected your home’s value!
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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
REALTOR
Keller Williams Realty
901-261-7900
Licensed In: TN
License #: 294656
Contact Me
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