A couple of interesting charts from Altos Research looking at changes in Median Sales Price (darker line, indexed in the left column) and Average Days on the Market (orange line, indexed by days in the right column), for the prominent Midtown Memphis zips, 38104 and 38112
Well, we can say that days on the market is moving down with the figure approaching 6 months on Market to sell. the fluctuations in median price are interesting.  It looks like we are peaking, or have peaked in both zips, but the roller coaster shape of the graph reflects the uncertainty of consumers and real estate practitioners about the state of the market.  I still don’t think we have hit a solid bottom in pricing. Those waiting for the bottom are likely to miss it. There are some great values in Midtown right now, and some very motivated sellers. With interest rates hovering near 4%, it’s time for those buyers who have been waiting for the optimum market, it’s time to run up the periscope and have a look around.
Joe Spake is a Memphis, Tennessee based Consultant, Real Estate Broker, and Blogger. Call 901.214.5563 for a consultation or click to make a social connection.
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