Memphis/Mid-South 2018 Q4 Market Update
Memphis/Mid-South Real Estate Market Update
2018 Quarter 4
Heroes are born in the 4th Quarter. True in sports. Not so much in the game of real estate. Let’s take a look at 2018’s 4th Quarter Market Update!
What are the numbers?
Average Sales Price up over 5% compared to 2017
Total Sales Units up 2.2%
Total Sales Volume up over 6%
Foreclosures down 23%
December active inventory at 4,050 properties
What does this mean to you?
Low inventory remains the name of the game. There were 19,734 units sold in 2018. With 4,050 current listings, that means there are just under two and a half months of inventory on the market. Supply cannot keep up with demand, so we see an increase of 5% in average sales price. To add a little perspective, those 4,050 active listings are spread across 7 Tennessee counties, plus one in Arkansas, and another in Mississippi.
Demand is especially high in the municipalities with local school districts. If you are an empty-nester who no longer has children in the school system, now is likely an excellent opportunity to realize a great deal of appreciation.
People interested in foreclosure sales are likely disappointed. An already small market of sales continues to dry up. 1,413 foreclosure actions is down by nearly a quarter from its 2017 total. Have your criteria and financing at the ready in order to move on great opportunities quickly.
December and Quarter 4 are historically the slower times of the year in real estate, and this year was no different. Anecdotally, buyer activity is starting to pick up - maybe sooner than in years past as buyers look to take advantage of still impressively low interest rates.