The Memphis Area Home Sales Report, provided by the Memphis Area Association of Realtors, reports that the average home sales price for February 2015 was up 16.2% from February 2014 to $147,557. The total number of units sold saw a decrease to 1971 compared to 2083 units in 2014.
Home owners in Germantown benefited from the greatest increase in average sales prices from $26,4962 in February 2014 to an increase of 56.8% to $415,487. This increase is only for existing home sales as new construction and bank owned properties experienced a decrease in average sales price from the same period in 2014. There was one million dollar home sold in February 2015 and another with a sales price of $982,000 which certainly helped with the increase in average sales prices in the area.
The National real estate numbers don’t show such favorable results. Watch this video to learn more
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Suzanne White, REALTOR
Keller Williams Realty