Yearly Memphis Home Sales Top $2 Billion Through July

[Robert Bell]

Sales are up 6.3% YOY through July.  Median sales price is down 4.5% to $210K.  It will be interesting to see if volume increases dramatically with interest rate cuts.  

[Alex Evans]

Hey, Robert what do you think affordability / Appreciation will look like in Memphis as Rates are cut?

[Jordan Ray]

Quote from @Robert Bell:

Sales are up 6.3% YOY through July.  Median sales price is down 4.5% to $210K.  It will be interesting to see if volume increases dramatically with interest rate cuts.  

I am already starting to see more activity in the market as the interest rates drop, across my listings and also more of my buyers becoming more active, I am sure this will be a domino effect and eventually cause sales volume to increase across the market as a whole both locally and nationally, DOM to decrease, and create a temporary FOMO in the market if rates drop to quickly.

[Robert Bell]

Alex, I could see lower end and rental properties stay flat or even go lower in the short term until rents find some balance. I am hearing that some areas like Frayser (38127) are not getting the rent they used to.  Lower rates could losen up inventory and that might moderate things as well.  Overall I am bullish for the long run.