February 2021 Real Estate Update
Our Communities: Downtown | Midtown | East Memphis |Area Suburbs

Memphis Real Estate Blog

February 2021 Real Estate Update

Basically, there were slightly fewer homes sold in February 2021 as compared to February 2020; HOWEVER, the average sales prices were slightly higher. Here's the breakdown per the Pulse Report from the Chandler Reports:

Home Sales

Shelby County home sale prices continue to rise with average prices increasing 15% in February to $195,119 compared to February 2020's average home sale prices of $169,413.

Sales activity for February fell to 1,152 home sales recorded compared to 1,232 home sales recorded in February 2020. This 6% decline in sales is likely due to the weather that shut down many offices and slowed closings for a week.

The total sales volume for the county rose 8% to $225 million in February compared to last February with a total sales volume of $209 million.

The median sales price was $151,000, up 19% from last year.

34% of home sales recorded in February were valued under $100,000.

Home sales valued over $300,000 were up 20% in February with 225 sales recorded compared to 188 last year.

There were 9 home sales over $1M for the month and 4 sales over $1M recorded in February 2020. 

Year-to-date, the number of homes sales recorded is down 1% and average sale prices are up 5% compared to the same time period in 2020.

Posted by Emily Keplinger at 11:57

Quick Search