The State of Memphis’ Housing Market is...
You guessed it – strong! Since the housing market crashed following the recession in 2008, things have slowly been inching onward and upward in Memphis. Earlier this year, several news outlets, including Forbes, reported that the local real estate market was booming. Sheldon Rosengarten of Memphis’ Marx-Bensdorf Realtors told WMC-TV that he has never seen anything like the current Mid-South market in his 40 years of experience!
Quick facts courtesy of Zillow:
● Price per square foot: $68
● Home value: $83,400*
● List price: $109,900
● Days on the market: 62
*Home values have gone up 6.5% over the past year.
According to Realtor.com, Memphis has been a seller’s market for most of 2018 (but that can fluctuate, so check this link to see the current state of the market). This means those looking to purchase a home outnumber those who are selling their homes. Because demand is high and supply is low, this type of market is more advantageous for the sellers rather than buyers. Zillow reports that homes are only on the market for 62 days. And, with so many being on the hunt, buyers often get into bidding wars, which oftentimes results in homes being sold for far more than the asking price (and sometimes, more than they’re actually worth).
Although it is a seller’s market, there are still some positive takeaways for home buyers. For example, the median list price of homes still falls well below the national average, with Memphis’ coming in at $109,900 and the national average at $275,000. And, to make matters even sweeter for those looking to buy, homes in the Bluff City typically sell for $10,300 less than the list price even with the current state of affairs.
Don’t let a seller’s market deter you! If you’re interested in purchasing a home, United Housing is here to help. From homebuyer education classes and credit counseling to mortgage lending and down payment assistance, we can help make your dream of owning a home a reality.
