Memphis home sales in January are up from last year
Despite last year’s declining inventory, there were 3,319 houses on the market in January, up 3.1% from December and 19% from January 2023.
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Despite last year’s declining inventory, there were 3,319 houses on the market in January, up 3.1% from December and 19% from January 2023.
The shortage of houses on the market, price increases and the rise of interest rates have resulted in a national trend of declining home sales, said the president of the Memphis Area Association of Realtors.
In December, the average sales price for a house was $262,144, up 6.2%.
Condominiums could be headed to downtown Collierville. Additionally, the Planning Commission endorsed pickleball courts at a local fitness center.
August home sales in the Memphis area were down 18% compared to the same month a year ago, and year-to-date sales dropped 26%.
Local residential real estate brokers say homebuyers should not focus on interest rates but instead focus on the benefits of homeownership.
Although total home sales have decreased from last year, June sales rose 43.3% over May’s sales.
After a two-year renovation totaling $19 million, all 558 units of the complex are renovated and ready for occupancy.
“It’s competitive when making an offer, especially with inventory running a little low,” MAAR president Bill Stewart said in a statement.
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