Memphis, one of Tennessee’s thriving real estate markets, experienced an impressive month of October with a high number of total sales, according to the recent report from the Memphis Area Association of Realtors. Although June topped the list with the highest number of homes sold, October secured its place among the top three with a total of 1,489 units sold. This data indicates the continued strength and demand in the local housing market.
Alongside the robust sales performance, October also witnessed an increase in the sale of new homes, with 70 units sold. The average price of homes during this period was $521,346, emphasizing the rising prices in the Memphis real estate market. These figures align with the general trend of higher active listings observed throughout the year, with October showcasing the highest number of listings at 3,668 units, averaging $356,083.
When examining the neighborhood-specific data, Germantown emerged as the leader with the highest sales price during October. Homes in Germantown commanded an average price of $624,029, reflecting a substantial 14% increase compared to the previous month. This indicates the strong desirability and value of properties in the Germantown area.
In terms of neighborhood-specific sales performance, East Memphis took the lead with the highest number of homes sold in October, totaling 191 units. Although this represented a decrease of 9% compared to September, East Memphis remained a prominent player in the Memphis real estate market. Other neighborhoods that experienced notable sales growth included Cordova, Hickory Hill, South Memphis, and Frayser.
Conversely, Berclair and Highland Heights recorded the lowest sales prices in October, with homes averaging $85,162. This amount marked a significant 22% drop from the previous month, highlighting the potential for affordability in these areas.
Overall, the Memphis real estate market showcased strength and resilience during October, with high sales volumes and rising prices. As the local market continues to thrive, potential buyers and investors must carefully consider their options to navigate the evolving landscape successfully.
1. Which neighborhood had the highest sales price in Memphis in October?
Germantown emerged as the neighborhood with the highest sales price in October, with homes averaging $624,029.
2. How much do Memphis homebuyers need to make to afford a median-priced home?
The income requirements for purchasing a median-priced home in Memphis vary based on factors such as down payment, interest rates, and loan terms. It is advisable to consult with a mortgage professional to determine the specific income criteria.
3. Which neighborhood sold the most homes in October in Memphis?
East Memphis topped the list for October with 191 homes sold, despite experiencing a 9% decrease compared to the previous month.
4. Which neighborhood had the lowest sales price in Memphis in October?
Berclair and Highland Heights had the lowest sales price in October, with homes selling at an average of $85,162.
5. Which neighborhood sold the fewest homes in October in Memphis?
Southwind recorded the fewest number of units sold in October, with only eight homes sold during that period.