• Home
  • About
    • Our Realtors
    • Real Estate Resources
      • FAQs About Memphis
      • FAQs For First Time Home Buyers
      • Common Real Estate Terms
    • Our Leadership and Support
    • Community Outreach
    • Memphis Real Estate Blog
  • Our Agents
    • Carrie Anderson
    • Cathleen Black
    • Jeff Blakeney
    • Melanie Blakeney
    • Ashley Bonds
    • Melody Bourell
    • Katie Nichols Cook
    • Jon Dickens
    • Kelly Erb
    • Robin Fauser
    • Golda Frankland
    • Rip Haney
    • Lita Hurston-Reed
    • Linda Kaplan
    • Laurence Kenner
    • Elizabeth Kuhlo
    • Maria Krahn
    • Jake Lawhead
    • Tracy Dougan Lombardo
    • Jerry Lucius
    • Diane Benson Malkin
    • Hugh Mallory
    • Mindy Okeon Mattingly
    • Thomas Murphree
    • Jordan Nichols
    • Mike Parker
    • Barby Perlberg
    • Jimmy Reed
    • Sheldon Rosengarten
    • Marcy Seidel
    • Stephanie Sheahan
    • Alta Simpson
    • Jim Simpson
    • Myra Sheddan
    • Melonie Sain Simpson
    • Angie Street
    • David Tester
    • Jenny Vergos
    • Ward Walthal
    • John West
    • Lauren Harkins Wiuff
  • Areas We Serve
    • Reasons to Love Memphis
    • Amenities
    • Arlington Realtors
    • Bartlett Realtors
    • Collierville Realtors
    • Cordova Realtors
    • Downtown Memphis Realtors
    • Eads Realtors
    • East Memphis Realtors
    • Germantown Realtors
    • Lakeland Realtors
    • Midtown Memphis Realtors
    • Piperton Realtors
  • Global Connections
  • Contact Us
  • Property Search
(901) 682-1868 Contact Us Log in Menu
Marx-Bensdorf logo
  • Home
  • About
    • Our Realtors
    • Real Estate Resources
      • FAQs About Memphis
      • FAQs For First Time Home Buyers
      • Common Real Estate Terms
    • Our Leadership and Support
    • Community Outreach
    • Memphis Real Estate Blog
  • Our Agents
    • Carrie Anderson
    • Cathleen Black
    • Jeff Blakeney
    • Melanie Blakeney
    • Ashley Bonds
    • Melody Bourell
    • Katie Nichols Cook
    • Jon Dickens
    • Kelly Erb
    • Robin Fauser
    • Golda Frankland
    • Rip Haney
    • Lita Hurston-Reed
    • Linda Kaplan
    • Laurence Kenner
    • Elizabeth Kuhlo
    • Maria Krahn
    • Jake Lawhead
    • Tracy Dougan Lombardo
    • Jerry Lucius
    • Diane Benson Malkin
    • Hugh Mallory
    • Mindy Okeon Mattingly
    • Thomas Murphree
    • Jordan Nichols
    • Mike Parker
    • Barby Perlberg
    • Jimmy Reed
    • Sheldon Rosengarten
    • Marcy Seidel
    • Stephanie Sheahan
    • Alta Simpson
    • Jim Simpson
    • Myra Sheddan
    • Melonie Sain Simpson
    • Angie Street
    • David Tester
    • Jenny Vergos
    • Ward Walthal
    • John West
    • Lauren Harkins Wiuff
  • Areas We Serve
    • Reasons to Love Memphis
    • Amenities
    • Arlington Realtors
    • Bartlett Realtors
    • Collierville Realtors
    • Cordova Realtors
    • Downtown Memphis Realtors
    • Eads Realtors
    • East Memphis Realtors
    • Germantown Realtors
    • Lakeland Realtors
    • Midtown Memphis Realtors
    • Piperton Realtors
  • Global Connections
  • Contact Us
  • Property Search
Carrie Anderson image
Carrie
Anderson

(901) 237-2735

anderson@m-brealtors.com

Jim Black image
Jim
Black

(901) 483-3478

jblack@m-brealtors.com

Cathleen Black image
Cathleen
Black

(901) 682-1868

cblack@m-brealtors.com

Melanie Blakeney image
Melanie
Blakeney

(901) 489-6974

mblakeney@m-brealtors.com

Jeff Blakeney image
Jeff
Blakeney

901-237-4542

jblakeney@m-brealtors.com

Ashley Bonds image
Ashley
Bonds

(901) 485-2179

abonds@m-brealtors.com

Melody Bourell image
Melody
Bourell

(901) 461-4016

mbourell@m-brealtors.com

Katie Cook image
Katie
Cook

(901) 628-3065

kcook@brealtors.com

Jon Dickens image
Jon
Dickens

(901) 496-5702

jdickens@m-brealtors.com

Kelly Erb image
Kelly
Erb

(901) 355-3830

kerb@m-brealtors.com

Robin Fauser image
Robin
Fauser

(901) 494-0355

rfauser@m-brealtors.com

Golda Frankland image
Golda
Frankland

(901) 229-3083

gfrankland@m-brealtors.com

Rip Haney image
Rip
Haney

(901) 351-2190

rhaney@m-brealtors.com

Lita Hurston-Reed image
Lita
Hurston-Reed

(901) 682-1868 Ext. 326

lhurston-reed@m-brealtors.com

Linda Kaplan image
Linda
Kaplan

(901) 482-6473

lkaplan@m-brealtors.com

Laurence Kenner image
Laurence
Kenner

(901) 351-4210

lkenner@m-brealtors.com

Maria Krahn image
Maria
Krahn

(901) 481-0253

mkrahn@m-brealtors.com

Elizabeth Kuhlo image
Elizabeth
Kuhlo

(901) 356-5452

ekuhlo@m-brealtors.com

Jake Lawhead image
Jake
Lawhead

(901) 682-1868

jlawhead@m-brealtors.com

Tracy Dougan Lombardo image
Tracy Dougan
Lombardo

(901) 581-3257

tlombardo@m-brealtors.com

Jerry Lucius image
Jerry
Lucius

(901) 355-3076

jlucius@m-brealtors.com

Diane Benson Malkin image
Diane Benson
Malkin

(901) 604-8245

dmalkin@m-brealtors.com

Hugh Mallory image
Hugh
Mallory

(901) 497-9756

hmallory@m-brealtors.com

Mindy Okeon Mattingly image
Mindy Okeon
Mattingly

(901) 246-1060

mokeon@m-brealtors.com

Thomas Murphree image
Thomas
Murphree

(901) 359-3847

tmurphree@m-brealtors.com

Jordan Nichols image
Jordan
Nichols

901-682-1868

jnichols@m-brealtors.com

Mike Parker image
Mike
Parker

(901) 277-7275

mparker@m-brealtors.com

Barby Perlberg image
Barby
Perlberg

(901) 619-8543

bperlberg@m-brealtors.com

Jimmy Reed image
Jimmy
Reed

(901) 682-1868 ext. 303

jreed@m-brealtors.com

Sheldon Rosengarten image
Sheldon
Rosengarten

(901) 682-1868

shelrose@memphisrelocate.com

Marcy Seidel image
Marcy
Seidel

(901) 422-1665

mseidel@m-brealtors.com

Stephanie Sheahan image
Stephanie
Sheahan

(901) 412-8600

ssheahan@m-brealtors.com

Myra  Sheddan image
Myra
Sheddan

901-870-0154

msheddan@m-brealtors.com

Melonie Sain Simpson image
Melonie Sain
Simpson

(901) 682-1868

msimpson@m-brealtors.com

Jim Simpson image
Jim
Simpson

901-484-0792

jsimpson@m-brealtors.com

Alta Simpson image
Alta
Simpson

901-484-6040

asimpson@m-brealtors.com

Angie Street image
Angie
Street

(901) 481-5560

astreet@m-brealtors.com

David Tester image
David
Tester

(901) 351-3439

dtester@m-brealtors.com

Jenny Vergos image
Jenny
Vergos

901-634-2271

jvergos@m-brealtors.com

Ward Walthal image
Ward
Walthal

(901) 634-6900

wwalthal@m-brealtors.com

John West image
John
West

(901) 682-1868 ext. 389

jwest@m-brealtors.com

Lauren Harkins Wiuff image
Lauren Harkins
Wiuff

(901) 859-3565

lharkinswiuff@m-brealtors.com

Tuesday, December 15, 2020

Memphis Housing Boom: 2020 Edition

This year has brought us many unexpected twists and turns. The housing market has been signified by both pleasant and challenging surprises. The combination of historically low interest rates, also historically low inventory of homes for sale, and the COVID-19 pandemic, prompted an exceptionally high level of market activity. Without question, Memphis has been and continues to be in a seller’s market. And buyers are motivated to ‘buy up’ while the interest rates are so favorable.

Soaring Home Sales in Memphis

According to the Memphis Area Association of Realtors (MAAR), October of this year saw the number of homes being sold rise by 6.4% over the previous year. That’s 2.1% higher than the national increase of 4.3% — the highest level in almost 15 years. 

 

Several factors are driving the 2020 housing boom, both on national and local levels. First, our homes have become the new office. With at least 42% of the labor force working from home because of the pandemic, we’re spending an unprecedented amount of time in our living spaces. Naturally, people are seeking larger homes to accommodate this new normal. Secondly, the recent drop in mortgage interest rates has made financing a home cheaper than ever. Right now, the average rate on a 30-year fixed-rate mortgage is at a record low of 2.72%. 

 

In Memphis, the MAAR data property records database reported 1,829 home sales in October — up 0.9% over the previous month. 

Record Home Prices in Memphis

For buyers and sellers who have accomplished a completed transaction, the situation may be considered a win-win. Last month, the average home sale price in Memphis rose to $241,213 — up 27.9% over the previous year. The median sale price increased even more. In October 2019, the median home sale price in Memphis was $145,000. In October 2020, that number increased to $194,900.

 

Because of a relatively low number of houses for sale in Memphis, the market has become quite competitive. Down 2% from October 2019, home inventory in Memphis dropped to 2,805 last month. For context, more than 13,000 homes were on the market in the Memphis area about a decade ago. 

 

Compared to the first ten months of 2019, in 2020 Memphis home sales volume increased by 8.9% to $3.44 billion. 

Real Estate Surfing in the Memphis area? We can help.

If you’re looking to change your living situation or benefit from the current market conditions, Marx-Bensdorf, REALTORS® can help. As the oldest real estate firm in Memphis, our agents combine expertise and experience with connections to help you find the perfect place to call home.  

 

CONTACT US  →

 
Posted by David Tester at 4:32 PM
  • « Do I Really Need a Home Inspection?
  • Top 5 Reasons to Live in Piperton, TN »

Marx-Bensdorf logo

5860 Ridgeway Center Parkway
Suite 100
Memphis, TN 38120

Phone: (901) 682-1868

WQC BBB Memphis GMC GACC EHO GHS GHS LeadingRE
DISCLAIMER: The information provided is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties that the consumer may be interested in purchasing. Information deemed reliable, but is not guaranteed accurate. Some or all of the listings displayed may not belong to the firm whose web site is being visited.
Copyright © 2019 Memphis Area Association of REALTORS Sitemap Memphis Web Design by Speak