Memphis Market Report – Jan-Feb 2018

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.

Median Prices

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.

Sales Trends

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.

Foreclosure Trends

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).

Edward Huletz, owner, and principal broker: “Memphis seems to be experiencing an uptick in foreclosure filings. Foreclosures are significantly discounted, and with an increase in foreclosure filings in the area, the market is primed for investment. This is a time to keep eyes on this market and watch for investment opportunities as the foreclosures make their way through the process.”

We’re Ready

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!