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What’s Been Happening in Our Memphis Market Lately?

In 2016, home sale activity picked up in our market and home prices hit a record high. What does 2017 have to offer so far?

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How did our Memphis real estate market do in 2016? What’s happened so far in 2017?

Last year, home sales actually found some stability compared to what they’d been since the market shifted in 2007. Foreclosures hit a 15-year low, home sale activity picked up, and home prices hit a record high. 

The total number of units sold increased 9% compared to the year before—we had 17,537 homes sales recorded, which was the highest mark since 2007. The total sales volume rose 12%. Home sales above both the $500,000 and $1 million price brackets also rose. Home sales within the city limits actually accounted for 64% of the total homes that sold. Cordova and Lakeland were the only two municipalities that recorded a lower number of sales, but only by about 1%.

2016 was a very good year for our market.

If you have any questions about your local market or are interested in buying or selling a home, please feel free to reach out to us. We look forward to hearing from you!