What’s going on in the 901 real estate market in 2020?
In reviewing the January 2020 MAAR reported sales and comparing those to January 2019, we see a few interesting statistics.
Takeaways include an 9.4% increase in average sales price across ALL of our market for resale homes compared to January 2019 with an increase in volume of sales at 8.5%.
Notable changes include:
Bartlett up over 11% in average sale price and up 45% in volume; Midtown’s average sales price is up over 40% with a -3.6% decline in volume;
Germantown had a 31% increase in volume and 26% increase in average price;
Lakeland 15% up in volume of sales and and 34% increase in average sales price;
and Arlington saw a -14% decline in sales volume but a 6.7% increase in average sales price.
With continued historic interest rates allowing for low monthly payments and steadily increasing sales prices, we see equity being built among most area homeowners.
Challenges remain for prospective home-buyers to acquire a property among fierce competition and we do not anticipate that changing in the spring 2020 housing market.
Demand has out-stripped supply and if you are considering selling your property, there has never been a better time.
Groome & Co has a proven strategy to market your property and acquire multiple offers (often exceeding the asking price). See more information here: https://www.groomeco.com/selling/
If you would like to know the current market value on your home, we are happy to provide a no obligation analysis - you may be pleasantly surprised!
We would be honored to assist you with any of your real estate needs in 2020.
data provided by: http://d31hzlhk6di2h5.cloudfront.net/20200206/02/f9/2a/0a/3f2e090c417aeff738b0b37b/Sales_Stats_for_January_2020.pdf