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VOL. 132 | NO. 185 | Monday, September 18, 2017

Downtown Home Sales Prices Improving

Wendy Greenlaw, Chandler Reports/Special to The Daily News

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123 Nottoway Blvd. in South Bluffs sold for $345,000 on May 31, 2017. The 2,208 square-foot home features 3 bedrooms and 3.5 baths.

Average home sales prices in downtown Memphis have seen significant improvements the past several years as we slowly crawled our way out of the worst housing crisis in recent history.

Through the first eight months of this year, average prices downtown have reached just over $275,000, up 6% from the same period of 2016. While downtown’s home sales only comprise 4% of the total home sales in the city of Memphis, average prices downtown are 129% higher than the city’s average of $120,298, which is up 3% from last year.

The Artesian luxury condos located on Riverside Drive have had a significant impact on downtown’s home sales prices, closing out 2016 with 95 sales averaging $295,682, but neighborhoods across the city, including Harbor Town and South Bluffs, are experiencing growth as well.

Click here to view real estate trends in the South Bluffs Neighborhood.

Download a Neighborhood Profile Report for your neighborhood here, or email Wendy Greenlaw for more information. 

Analyzing the condo market versus single-family, downtown’s condo sales prices are up 3% from last year with 152 condo sales recorded through August averaging $237,942 compared to 146 averaging $229,954 during the same period of 2016.

Sales of single-family homes downtown are up 17% and average prices are up 7% from last year with 151 sales recorded through the end of August averaging $313,040 compared to 129 recorded during the same period in 2016 averaging $293,301.

Based on Chandler Reports’ Neighborhood Profile Report, average home sales prices in the distinctive South Bluffs neighborhood have increased 11% over the last three years. The subdivision is assigned 157 single-family properties averaging 2,672 square-feet, with an average year built of 1998. Year-to-date the neighborhood has recorded 11 home sales averaging $462,218.

For those that wish to own a home or condo downtown, inventory is limited with under 100 properties on the market to choose from, and less than 50 properties for sale valued under $250,000.

According to the Memphis Downtown Commission’s “State of Downtown Report” the downtown population growth rate since 2000 is 4.5 times that of Shelby County’s with more high income single-family households moving to the area.

As organizations like St. Jude and ServiceMaster expand and relocate, more professionals will be working downtown and nearly 2,000 new apartments and condos are in development to accommodate those that seek the live-work-play lifestyle.

Average home sales prices in downtown Memphis are expected to increase over the next few years as more development projects unfold across the city.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 20 39 190
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 17 135 753
BUSINESS LICENSES 0 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0