VOL. 132 | NO. 205 | Monday, October 16, 2017
Collierville Home Prices Reach Record High
WENDY GREENLAW, Chandler Reports/Special to The Daily News
Through the first nine months of this year, average home sales prices in Collierville have reached a record high of $344,845, up 4 percent from $331,456 during the same period of 2016.
Average home sales prices peaked in Collierville during the height of the market in 2007, when the average price for the year was $330,579.
Sales prices for new homes and luxury homes – those valued at more than $500,000 – are major contributors to the increase in price.
Luxury home sales in Collierville are up 33 percent through the end of September, with 92 recorded averaging $603,319, compared with 69 recorded averaging $636,118 during the same period last year.
While new home sales are down in the municipality, new home prices are up 14 percent from last year, with 68 new home sales recorded through the end of September averaging $516,637, compared with 93 averaging $460,041 recorded in the first nine months of 2016.
The largest home sale recorded in Collierville through the first three quarters of 2017 was the $1.1 million sale of 541 Winding Woods Circle E. The property is located in the new Shepherds Creek subdivision off Shea Road north of West Poplar Avenue. The 6,142-square-foot home was built this year and sold Sept. 8.
Shepherds Creek subdivision in Collierville (Magnolia Homes)
The Shepherds Creek community features homes built by Magnolia Homes along with custom-built properties. There currently are 15 vacant lots in the subdivision and 15 homes under construction. According to Chandler Reports’ Neighborhood Profile Report, average home sales prices in the subdivision have increased 10 percent over the last three years.
Currently 247 homes are available for sale in Collierville’s 38017 ZIP code, and 29 percent of the listings are valued at more than $500,000.
Wendy Greenlaw, business development manager for real estate information company Chandler Reports, can be reached at email@example.com.