Memphis March Housing Data

Memphis, TN has been an interesting housing story lately. A year ago the number of sales was slightly lower as opposed to many of the markets on the coast or areas like Phoenix and Vegas which are seeing much lower YOY sales. Memphis seems to be trailing many of the markets in its recovery but with the recent arrival of institutional investors like AH4R and others things are heating up.

The median home price for March end this year versus last year is nearly 19% higher as the median home price reaches $115,000. The average sale price is up nearly 9% YOY. The chart below gives a great YOY comparison of sales and prices. Quick note though, the chart below does NOT show you that sales were up 21% month-over-month from March to February! Look for the median price to follow suit. I think homes in Memphis have simply been too cheap and while the labor market hasn’t healed enough for a recovery to come locally, I think the institutional investors will help the local market find footing in 2014 just as they did in other markets in the last few years.

march comparison

 

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