While the recent news for the Shelby County real estate market has shown slow and steady growth, a recent report from the Memphis Area Realtors and Chandler Reports shows that the home sales as well as sale prices in Tennessee’s Shelby County have dropped 39 percent in July 2014 compared to July 2013.
The reports show 162 bank sales in Shelby County, down 39 percent from the 264 bank sales in July 2013. Through July, Shelby County recorded 1,373 bank sales, down 28 percent from 1,896 over the same period last year. Shelby County recorded 1,535 home sales in July, down 9 percent from 1,693 sales recorded in July 2013 and down 3 percent from the 1,586 sales recorded in June.
11 of the zip codes in Shelby County had an increase in overall sales numbers, with 20 zip codes experiencing a rise in sale price. Collierville’s 38017 ZIP code lead the way in sales, with 125 averaging $306,277. That was followed by 38118 (Oakhaven/Parkway Village), with 94 sales averaging $49,064, and 38016 (Cordova North), with 91 sales averaging $140,768.
Interested in moving to Memphis? The slow in sales might translate to the perfect time for you to pick your dream home without the hyperactive competitive nature that some other months boast.