Today I’ll give you a rundown of the final numbers from our real estate market, where they might differ this year, and what that will mean for you. Let’s take a look:
In 2018, our market saw low inventory, which led to a jump in home prices. By the end of the year, prices were up by 4%, which is pretty good for the Memphis market. We don’t know if we’ll see the same kind of numbers this year, but we don’t expect a slowdown, either.
We exceeded $3.2 billion in sales last year—a feat that hadn’t been achieved in over a decade (2006, to be exact). It’ll be tough to repeat that kind of success in 2019, but how the market performs will be dependent on what area you’re in. I’ve seen evidence that inventory will remain low in certain pockets, but this might not be true for all segments of the market.
Home sales in the upper $300,000 price range rose by 15%, and those in the $1 million range were up as much as 37% in 2018. This is a heartening sign for our market because it means higher-priced homes are selling as well.
Crye-Leike sold 700 homes per day last year, and our team accounted for 160. All in all, it was a good year, and we’re optimistic about what we can achieve together in 2019!
If you’d like to see what your home is worth with all the market variables at play, please reach out and give us a call at (901) 729-9526. Our team would be happy to help you with your real estate needs!