Today, I’d like to give a quick review of the numbers for the 2017 market.
For the second year in a row, the average home sales prices in all of Memphis and Shelby County were up. Landing at $165,644 in 2017, this is a 5% increase from 2016.
Additionally, the total home sales volume was up 20%. In fact, every zip code increased in volume. We haven’t seen numbers like this since 2006, and we’re seeing an increase in activity lately across the board.
Over 40% of the homes were paid for with cash, which I thought was interesting.
Home sales over the $500,000 price point went up by 20%, yet homes over $1 million were down 6%.
As a whole, my team actually closed 192 homes last year. This is because we have great team in place, so the credit doesn’t go to just one person. All the different parts work together to make sure that nothing falls through the cracks.
If you have any questions or need any help with your real estate goals, feel free to reach out to us. We’d love to help you.