Memphis Stats and Articles to read

[Sean Tagge]

I came across an interesting article about Memphis. Interesting to see Memphis is increasing in the % of the population who are renters the quickest but also shows that our average rent is still relatively low compared to other markets showing our rents still have room to increase. 

https://www.bizjournals.com/memphis/news/2018/08/0...

This second stats is an update on how Memphis is doing for July 2018. (Provided By Chandler Reports)

July Real Estate Update

Home Sales

Home sales prices in Memphis and Shelby County continue to accelerate as housing inventory creeps higher.

The average home sale price for the month was $186,292, up 7% from $173,610 in July 2017.

Total home sales were up 8% in July with $340 million recorded for the month compared to $313 million last July.

The median sales price was up 10% from last year to $149,000.

There were 1,826 residential sales recorded in July, up 1% from 1,807 recorded in July 2017.

Year-to-date the number of residential units sold is up 2%, average home sales prices are up 9%, and total sales are up 11% from the same period of 2017.

Home sales over $500,000 were up 17% with 83 recorded for the month compared to 71 in July 2017. 35% of home sales in the county were valued under $100,000.

[Sean Tagge]

Hello @Evan Parker Thanks for the question. Yes the % of homes valued under $100k is decreasing. There is a lack of inventory all over Memphis in all asset classes but it is especially seen in the "starter home/entry level houses" a squeeze because there are no new homes in this area being built. Homes being built in Memphis are generally $275k+ - $350k Mid level to upper end. Where very few starter level 3 bed 2 bath 1200-1400 sqft homes are built.