February market numbers are starting to arrive. We’ve compiled and analyzed the data for your Memphis Market Report. Data in the report is based on the most recent information in the Regional Multiple Listing Service. Questions? Reach out to our staff at the Memphis branch, 901-209-0251.
The median price of homes continues to rise on a national level, and are projected to increase by 4.8% nationally by January 2019. For Memphis, that increase has been in keeping with national trends. As of the end of February, MLS reports the median sales price for homes in the Memphis area was $116,000, up from $112,114 a year ago.
The Memphis market is showing a slight seller’s advantage, and in terms of inventory, signs indicate a slight seller’s market. According to the Memphis Area Association of Realtors, the average time on the market for February was 63 days, which is down 3.1% from January.
U.S. foreclosure activity as of January 2018 was .05%. Memphis and Shelby County, however, are higher than the national average, at .09%. According to RealtyTrac, at the end of January, the number of properties receiving a foreclosure filing in Memphis was 7% higher than the previous month and 11% higher than the same time last year. Memphis foreclosure discounts, as of January, stand at 29.4% ($25,000).
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!