Memphis Housing Market Shows Resilience Despite Seasonal Slowdown
Memphis, the city known for its rich culture and vibrant music scene, continues to demonstrate strength in its residential real estate market as we delve deeper into the year 2024. Even though September brought a slight lull, the overall picture is quite positive as we look at the trends.
Sales Figures Pointing to Positive Trends
According to the latest report from the Memphis Area Association of Realtors (MAAR), total home sales in September dipped by 4.2% compared to the same month last year. Specifically, there were 1,284 homes sold last month, down from 1,340 sales in September 2023. However, the year-to-date total home sales are still showing a healthy increase of 3.2%.
Moreover, it’s encouraging to know that new home sales are thriving! They saw a robust increase of 26% from the previous year. This spike has been positively highlighted by MAAR President Scott Bettis, who stated, “It was a strong month for new home sales. The market is still active as we go deeper into autumn.” This indicates that even as the seasons change, the homeowner’s dreams continue to flourish!
Inventory and Prices: What to Expect
With a current inventory of approximately 3,980 units, it seems there are plenty of options for buyers out there. Yet, the report also mentions a 3.7% dip in the year-to-date median home sales price, which now stands at $211,900, compared to $220,000 last year. Interestingly, in September 2024, the median sales price remained stable at $215,000, holding steady from September 2023.
Catching the Eyes: Hottest Submarkets
So, where are the buyers flocking to? The submarkets of East Memphis, Cordova, and Collierville captured attention by making up a staggering 32% of home sales last month. Year-to-date, East Memphis and Cordova continue to be standout areas in the residential landscape. It’s evident that these neighborhoods are not only scenic but are also becoming increasingly desirable places to live.
What’s Next for Memphis Real Estate?
As we navigate through autumn, the outlook for the Memphis housing market remains optimistic. With a blend of affordability in home prices and a steady influx of new developments, the demand seems poised to stay strong. For homeowners as well as aspiring buyers, there’s a sense of excitement in the air, as Memphis continues to evolve and grow.
Moreover, as the city continues to invest in various sectors including education and infrastructure, it’s apparent that the Memphis community is dedicated to fostering a thriving economic environment, which always bodes well for real estate stability and growth.
A Final Note
So, whether you’re looking to buy your first home, seeking an investment property, or simply keeping an eye on the market trends, Memphis is definitely a city to watch. With its rich history, engaging community vibe, and promising real estate prospects, it seems that our beloved Memphis will keep captivating hearts and minds for years to come.
Tighten your shoelaces and get ready, because the journey in Memphis real estate is just getting started, and it promises to be a rewarding adventure!
