May 2017 Real Estate Update
Hello, I hope you had a great May!
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Home Sales
Schools are out for summer and Memphis home sales are heating up as we move into the busiest season for residential real estate.
Memphis area home sales for number of units sold in May was up 9% with 1,771 sales recorded for the month compared to 1,625 last year. Total Memphis area home sales volume was up 20% with $300 million recorded compared to $250 million last May.
Through the first five months of this year, the number of home sales in the Memphis area recorded are up 8%, average home sales prices are up 7%, and total home sales revenue is up 15% from the same period in 2016.
Memphis area average home sales prices continue climbing and reached $169,549 in May, up 10% from $154,171 in May 2016.
Bank-owned property sales continue to decline, down 17% from last May with 130 recorded for the month averaging $80,558.
Investor purchases accounted for 18% of all home sales in Shelby County for the month with an average sales price of $88,773. 39% of investor purchases were made by out-of-town buyers.
Following is a breakdown of May home sales by municipality comparing 2017 figures to 2016:
Home Sales by Municipality
| Municipality |
#of Units Sold |
Avg. Sale Price |
Avg. Price/SqFt |
| Arlington |
15% |
-1% |
7% |
| Bartlett |
-2% |
8% |
2% |
| Collierville |
22% |
0% |
8% |
| Germantown |
0% |
14% |
11% |
| Lakeland |
-21% |
2% |
-2% |
| Memphis |
9% |
13% |
12% |
| Millington |
31% |
13% |
7% |
| Unincorporated |
19% |
17% |
9% |
37% of home sales in the county were valued between $50,000-$149,000. The median sales price was up 13% to $135,000.
Home sales over $500,000 were up 32% from last year with 58 recorded for the month compared to 44 in May 2016.
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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