The City of the Blues is looking a little less blue in 2018! The housing marketing continues to heat up in the greater Memphis area and within the city.
The average home sales price in January 2018 came in at $163,024, a 14 percent increase from January 2017, a year ago, according to real estate information company Chandler Reports.
Homes sales in the 1st quarter reached $535 million, up by 21% from 2017.
Existing-home sales rose 7 percent in January with 1,160 recorded last month compared with 1,085 in January 2016. The average price of existing homes, meanwhile, reached $152,333 in January up 15 percent from $132,474 a year ago.
What Does this Mean for Homeowners?
- It is a good time to own in Memphis: Prices are rising which means equity in homes are gaining ground.
- Inventory is low, so if you plan to sell now is the time to start moving your home.
- Renovation projects are at an all-time high. New construction is down the greater Memphis area, but renovations are occurring at breakneck speeds.
- A younger generation is helping bolster the Memphis market, reviving the condo scene downtown.
Considering Memphis for your future home? Find out why so many people visit the city, fall in love and return to work and live.