Memphis/Mid-South 2018 Q3 Market Update
Memphis/Mid-South Real Estate Market Update
2018 Quarter 3
The numbers are in! While the overall trend of low inventory continues, there are still lessons to be learned. Our CEO takes a look at how this market can benefit you!
What are the numbers?
Inventory is down 2% compared to last year
Sales in luxury market ($500,000+) are down 2%
Median sales price is up slightly, < 1%, for the luxury market
Days on market average 54 days, a 14% increase
Average sales price for existing homes is up 5.7%
Average sales price for new construction is up 6.8%
What does this mean to you?
Now is a great opportunity for people or families who need to upsize. Seasonality and longer days on market will typically lead to decreased sales prices. If you have a home to sell, yes, you might see a 1-2% decrease on the sale of your current home, but you’ll also realize that same percentage in savings on the purchase of your next property. Since 2% of a greater number is much greater than 2% of a lesser number, you stand to gain considerably in terms of overall value and equity.
If you are a potential first-time homebuyer, this might be the perfect storm of opportunity. Interest rates are at historic lows. In fact, we have lender partners who are offering loan packages of less than 20% down without Primary Mortgage Insurance (PMI). If you’re unsure of how powerful that can be for you in this market, we’d love to connect you to one of our lender partners and help you take advantage of this unique market environment.
Investors, the time has come! The numbers are starting to reflect what you’ve been feeling for some time. Let us help you take advantage of the market slowdown in this fourth quarter. If you’re a first time investor and need to better understand how these market conditions are ideal for entering the investor market, we’d be thrilled to schedule a consultation.
If you have any other questions, would like more information, or are curious how your personal goals will be impacted by this market, feel free to give us a call or send us an email. We look forward to hearing from you soon!