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. 

(Chandler Reports)

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 wendy@chandlerreports.com.