The numbers from October are in, so it’s time give you a market update.
We continued to see home prices rise this year. October specifically was a slower month with 1,474 home sales, as compared to October 2016’s 1,507 sales.
Home values keep going up, and we’re still seeing low inventory as well, which I think is part of the reason for those values. Through the first 10 months of the year, the number of home sales went up 9%, which is awesome.
Homes sold in the $500,000 range increased 40% in October. For those homes over $1 million, there were three sold, which makes that percentage quite high.
Attached in the video is a chart of home sales by municipality where you can see the number of units sold, average sale price, and average price per square foot for each municipality. If you want to know something more specific about that, just shoot me an email.
The average days on market for the whole Memphis area was 60 days, though our team’s average was 42.
We’re still seeing multiple offers, and it’s still a great time of year to start listing.
If you have any questions for us, reach out and let us know. We’d be happy to talk with you.