We’ve prepped our mid-year update on the Memphis-area housing market. June numbers are in and the Memphis market has continued to stay in the seller’s favor, consistent with what we’ve seen throughout the first six months of the year in this market. Data in the report is based on the most recent information in the Regional Multiple Listing Service. Questions? Reach out to our staff at our Memphis branch, 901-209-0251.
Median Sales Price
According to the MAAR, (Memphis Area Association of Realtors), the median sales price for the Memphis area for June 2018 was $165,000, versus $155,000 in June 2017, a 6.5% increase in median sales prices for June. Year-to-date, the median sales price of homes in Memphis has increased 9.6% over the same time period in 2017. These numbers represent both existing and new home sales.
The Memphis market is experiencing a slight seller’s advantage, but the area saw the inventory increase by 4.2% in June 2018. This increase creates more opportunities for buyers, as the inventory pressure eases. However, because the area is still experiencing a seller’s advantage, the change in the inventory picture is not significantly impacting the return for sellers. When existing home sales and new home sales are broken out, we’re seeing double-digit growth in new home sales. Year-to-date, 451 new homes have been sold, compared to 378 new homes for the same time period in 2017, representing a 19.3% increase.
U.S. foreclosure activity in June 2018 increased to .06%, and the state’s foreclosure activity for June is at .04%, well below the national average. The Memphis foreclosure rates are higher than the state’s average at .07%. Shelby County is also at .07%. There has been a significant decrease in foreclosure sales in June 2018 compared to June 2017, -45.4%. However, the median sales price of foreclosures has increased 35.6% over June 2017. So, while there are fewer REO homes on the market, the sales price of these homes has seen a healthy increase, in keeping with the increase in home values both regionally and nationally.
We specialize in the marketing and liquidation of REO assets, and we are ready for one or a list of yours. We have local experts on our team to move tasks through the process efficiently and on-time. Let’s talk today!