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.
This is an excerpt of this story. To read more, please click here and subscribe.
Topics
Housing Market Memphis Area Association of Realtors Subscriber OnlyThank you for supporting local journalism.
Subscribers to The Daily Memphian help fund our not-for-profit newsroom of nearly 40 local journalists plus more than 20 freelancers, all of whom work around the clock to cover the issues impacting our community. Subscriptions - and donations - also help fund our community access programs which provide free access to K-12 schools, community organizations, and more. Thank you for making our work possible.
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.
Want to comment on our stories or respond to others? Join the conversation by subscribing now. Only paid subscribers can add their thoughts or upvote/downvote comments. Our commenting policy can be viewed here.