According to rockethome.com, since last year, Shelby County has remained a Seller's Market. Translation, prices tend to be higher and homes sell faster. Based on all homes sold in the last 12 months (since April 2021), the median price for all homes sold in Shelby County has edged upward, by 12.6 %, or $28,592. Here’s a chart that shows the price increase by the number of bedrooms.
And although the housing inventory is still low, the number of houses available has actually gone up a bit in the last month, from 3,228 houses available in March to 3,483 houses available in April, an increase of 7.9%.
Again here’s a break down by number of bedrooms.
And with more people in the market for housing, and lower inventory, many sellers are getting more than their asking price.
In fact, of 794 homes sold in Shelby County in April 2022, 422 of them were sold at above asking price. Of the remaining homes, 166 were sold at asking price, and 206 were sold under asking price.
An article in The Commercial Appeal by Omer Yusuf, April 18, 2022, outlined which neighborhoods in Memphis have seen the largest increases in home prices. The article reported that, “Most Memphis neighborhoods’ home values rose in 2021 due to more competition among interested buyers and out-of-town investors along with less housing inventory.
“In the first few months of 2022, that trend is continuing, according to data from the Memphis Area Association of Realtors, particularly in neighborhoods like Whitehaven and South Memphis that started from a lower median home sales value price point.”
Here are some of the quoted statistics:
The median sales price of a South Memphis home increased 42.9%, from $38,500 last year to $55,000.
Parkway Village/Oakhaven has seen its median sales price rise 32.7%, from $84,000 last year to $111,500.
East Memphis' median sales price rose 30.2%, from $171,250 last year to $223,000.
The median sale price in Hickory Hill jumped 28%, from $139,500 last year to $178,500.
Whitehaven’s median sales price increased 27.5%, from $77,250 last year to $98,500.
With the Federal Reserve increasing interest rates this year, the amount may become high enough to discourage people from buying. SO, the time is now — strike while the market is hot.