Midtown Memphis Homes See Jump in Sales Prices

Cord Moving and Storage reports despite lower volumes in the year’s final months, total home sales for the Memphis market were up by almost 7 percent in 2013, according to a new report.

Memphis-area home sales for the month of December were down more than 10 percent from a year ago, with 1,088 total sales recorded in the Memphis Area Association of Realtors  MAAR data property records database.

However, home sales for the year were up 6.7 percent to 16,159, buoyed by an exceptionally strong January and a midyear streak of eight consecutive months of sales gains vs. the year before. Areas where the most homes were sold in 2013 included Germantown (sales up 21.7 percent over 2012); Lakeland (up 17.8 percent); Berclair/Highland Heights (up 17.3 percent); and East Memphis (up 16.5 percent). “It was a very solid year for the local market with sales up almost 7 percent and average sales price rising 10.6 percent,” said MAAR President Greg Glosson. “Certainly, it is encouraging as we enter 2014.”

Home prices offered another bright spot for the market, as average prices for the year were up by 10.6 percent to $143,395. Midtown saw the biggest jump in average sales prices, with homes going from an average of $103,511 in 2012 to $132,451 in 2013 — a jump of 28 percent. Inventory for the entire market was down 4.8 percent with 6,190 units listed for sale, according to the MAAR report.

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