Home Prices in the Suburbs of Memphis: A Comprehensive Analysis
The suburban housing market of Memphis is experiencing an upward trend in 2024, with Collierville leading in terms of the highest sales and median home sale prices during the first quarter. According to data from the Memphis Area Association of Realtors, Collierville saw an increase of 13.5% in sales compared to the corresponding period of the previous year. The median sales price also witnessed a growth of 4.8%, escalating from $499,500 to $523,310.
Collierville: The Suburb with the Highest Home Prices
Collierville dominates the Shelby County suburban municipalities with the number of houses sold and the highest median home sales prices. Real estate professionals attribute these trends to the increased availability of land in this suburb leading to new housing constructions. The town saw an impressive 48.5% increase in the sale of new homes in the first quarter of 2024. Despite the price increase, the existing home market is still robust with a median price of $465,000.
Overview of Other Memphis Suburbs
Most Shelby County suburbs saw increases in home sales and prices in the first quarter of 2024 compared to the same period in 2023. Below is a closer look at these suburbs and their rankings based on median home sales prices.
Arlington
Despite experiencing the highest increase in median sales price by 8.6% (rising from $464,950 to $505,002), Arlington is the only suburb to see a decrease in home sales by a 4.8% dip.
Germantown
Home sales in Germantown increased by 6%, with 124 homes sold in the first quarter of 2024 compared to 117 in 2023. The median home price experienced a modest increase of 1.1% moving from $445,000 to $450,000.
Lakeland
Lakeland saw a substantial drop of 16.2% in the median sales price, moving from $525,000 to $440,000. However, the number of homes sold remained steady with a slight 1.8% growth year-over-year.
Bartlett
The median home sales price in Bartlett was $300,000, marking a 3.8% increase from $289,000. The suburb also witnessed a 3% increase in the number of homes sold.
Millington
Despite a dip of 3% in its median sales price, from $232,000 to $225,000, Millington experienced a 5% increase in home sales, making it the most affordable suburb in Shelby County.
Conclusion
The Memphis suburban real estate market indicates several interesting trends as we move through 2024. While some suburbs showcase a significant increase in median home prices and sales, others show contrasting figures. Overall, the Shelby County housing market appears both dynamic and growing, making it a crucial area to watch for potential homebuyers and real estate investors.
