The numbers from the June market are in, so I want to take some time to update you about the latest trends we’ve noticed in the Memphis area.
You’ve probably read or seen that inventory is still very low, but believe it or not, our sales are really high. That seems like a disconnect, but we’ve noticed that a lot of things that haven’t sold in the past are now being plucked off the market.
The average sales price is now up to $192,000. Compared to this time last year, that’s an 8% gain. In the Memphis market, we usually ride around 5%; our ebbs and flows aren’t typically too big, but we’ve been relatively steady since the 2007-2008 market crash.
Total homes sales for June were up by 10%, and home sales over $500,000 were up by 18%. These are good increases. The prices for new construction homes dropped a little bit since builders are struggling to find places to build their homes.
Overall, our market is good. Right now, we’re seeing higher prices than we have in a long time.
If you have any questions or would like to know more about your home and neighborhood, I would love to give you that information. Just reach out and call me and we can discuss these topics further.