It’s a buyer’s market for residential real estate
A newly renovated home sits for sale on North Watkins Avenue in the Klondike neighborhood July 24. (Mark Weber/The Daily Memphian)
At the mid-year mark, Memphis-area residential real estate has become a buyer’s market as home prices continue to climb and sales steadily decline.
The latest report from the Memphis Area Association of Realtors shows year-to-date sales dropped 6% from 7,992 to 7,516, and monthly sales volume fell 5.2% from $2.11 billion to $2 billion.
MAAR President Greg Renfrow said it is unclear exactly why sales have seen a slight dip. But he said the market changes yearly and buyers should not worry.
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Dima Amro
Dima Amro is a native Memphian who covers commercial real estate and economic development for The Daily Memphian. She received her B.A. in journalism at the University of Memphis and M.A. in investigative journalism at American University.
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