People are wondering what effect this current pandemic is having on the local real estate market.

Here’s what we know…

According to the Pulse Report from Chandler Reports:

Home Sales - It’s a mixed bag. Overall, home sales were down. HOWEVER, the sale prices were actually up.

April home sale activity fell 17% in Shelby County with 1,359 home sales recorded compared to 1,639 home sales recorded in April 2019.  

Despite slower sales activity, home sale prices were up 26% for the month to $213,742 compared to last year's April average home sale prices of $169,077.  

The total sales volume for the county was up 5% to $290 million in April compared to last April with a total sales volume of $277 million.

The median sales price was $170,000, up 31% from last year.

31% of home sales recorded in April were valued under $100,000.

Home sales valued over $300,000 were up 29% in April with 314 sales recorded compared to 243 last year.

There were 9 home sales over $1M for the month compared to 3 sales over $1M recorded in April 2019.

Through the first four months of the year, the number of home sales recorded is down 4% and average sale prices are up 14% compared to the same time period in 2019.

Let the Memphis real estate agents at Sowell Realtors help you find a home that is just right for you!

Visit sowellrealtors.com to see our property listings. Call us at (901) 278-4380 to discuss the home of your future.