Today I just wanted to give you a quick update on the Memphis real estate market. We took a look at the numbers for April and wanted to share them with you.
We saw 1,664 home sales recorded in the month of April. That figure is up 13% from this time last year. At the same time, the average sale price was up by 7%. We usually see around 5% appreciation on average, but the jump to 7% is great news for homeowners.
36% of all purchases during this time were from investors, for what it’s worth.
The average list price is up 26% from this time last year, and the average sale price for new construction homes is up to $394,000.
That’s just a quick overview of some of the general numbers in the Memphis market. If you want some more specific numbers for the area you’re in, don’t hesitate to give me a call or send me an email and I’d be happy to discuss them with you. I look forward to hearing from you soon.