Home sales in the Memphis metro area have risen in May by 6.3 percent from April 2013, and at a rate of 1.6 percent from May 2012. The Memphis Area Association of Realtors has shared data which indicates that the total sales for early 2013 are higher than 2012, leading the average sales price to also gain momentum. Reports say that the average sales price rose 10.6 percent between April 2012 and April 2013, with the new average sales price coming in at just under $140,000.
The Memphis local movers have found that inventory is flat with about 6,400 properties for sale, and sales volume increased 18.9 percent to $825.6 million. The local industry insiders have shared that the Memphis market is in a good place and should continue to strengthen and grow. Summer should prove to be even more fruitful for the area.
Shelby County is likely to see property taxes rise in 2014, according to recent reports following the County Commission meeting reviewing the Memphis budget and finances. The Memphis movers have found the tax rate in the proposed budget (created by the Mayor and his staff) would raise property tax rates from $4.02 to $4.35 for Memphis residents and $4.06 to $4.39 for non -Memphis residents. The goal is to balance the area budget and offset $52 million in losses from property tax adjustments.
The budget will need additional work however, as the property tax area of the county is not the only area offset. Reports that the education system will be asking for additional funding have been common discussion, with recent totals for funding totaling around $145 million.
The proposed budget is the first step in determining the county funding that will be allotted to various groups for 2014.