For the month of November, the average sales price for Memphis area homes was $143,341. Many have heard the talk of less inventory which helps to drive prices up.
For December, the inventory (number of homes on the market) is 6481 compared to 7194 in December 2011. It’s all about supply and demand. The area with the highest increase in average sales price for 2013 is Midtown. The average sales price YTD is $133, 558 compared to $102,856 for 2012. The only area that has seen a decline is in Germantown. Although the decline in average sales is a measly -0.2. Germantown has an average sales price of $314,255.
The increase in average sales price is something to get excited about for Memphis area home owners.