VOL. 132 | NO. 11 | Monday, January 16, 2017
Luxury Home Sales Up 13 Percent in 2016
By Wendy Greenlaw
Click here to view real estate trends in the Beale Meade neighborhood over the past three years.
Purchase a Neighborhood Profile Report for your neighborhood here, or email Wendy Greenlaw for more information.
Memphis and Shelby County set several real estate records in 2016, including the highest average home sales price ever recorded. One of the contributing factors, in addition to a 15-year low in the foreclosure rate, was the sale of luxury homes, residential properties valued over $500,000.
Of the 17,537 home sales recorded in Shelby County last year, 505, or 3 percent, were high-end homes – marking the most luxury home sales recorded since the height of the real estate market in 2007 and an increase of 13 percent from last year. Fifty-one of those sales were valued at more than $1 million.
The 8,500-square-foot home at 280 W. Cherry Circle sold for $3.3 million in July.
The largest home sale recorded in 2016 was 280 W. Cherry Circle, located within the upscale Belle Meade subdivision in East Memphis. The 8,500-square-foot home, built in 1998, sold for $3.3 million on July 14.
In 2016, Belle Meade recorded 14 home sales valued at more than $500,000. The subdivision contains 296 properties with an average tax appraisal value of $837,187.
Click here to review real estate market trends in Beale Meade over the past three years.
The inventory for higher-end, luxury homes has increased over the last several years as the market has stabilized. According to a Memphis Area Association of Realtors report published in November, there were 444 active listings for homes valued at more than $500,000, up 12 percent from the same period in 2013.
Wendy Greenlaw, business development manager for real estate information company Chandler Reports, can be reached at firstname.lastname@example.org.