Over the past year or so, the city of Memphis has become a collective stomping ground for tourists, visitors, and families looking to settle down. Whether a single family home for a recently married couple, or a down-sized condo for those of us who are lucky enough to retire, the Memphis market has seen its fair share of ups and downs.
The diversity and entrepreneurial spirit seen in the Bluff City make it a unique place to live and never fails to entertain even the most seasoned of locals. From local attractions to obscure locales, there really is something for everybody, especially when it comes to real estate.
The past several months have consisted of unexpected increases in listings for both buyers and sellers and fast turnaround times on properties and closings. Not only are the new homebuyers happy but so too are the real estate professionals who depend on activity for income.
Home sales for the Memphis area just in the past month have increased 6.7 percent from this time last year. According to the June Market Report produced by the Memphis Area Association of Realtors, “he average sales price year over year rose 9.9 percent at $161.508 and inventory increases 1.8 percent with 6,599 units listed for sale”. The overall year to date sales volume increased 22.8 percent totaling out to approximately $1.1 billion. *
It seems that the Memphis housing market for this year is well ahead of last year’s, according to Regina Hubbard, MAAR President.*
This resurgence of interest in the buying and selling process has elated the Memphis real estate community and although statistical data may not equate to numbers from 2006…it serves as a good sign that home and commercial sales are on the rise.
*Information courtesy of MAAR.org and Don Wade, Media Relations & Research