Pulse Report from Chandler Reports: Real Estate Update June 2024

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Local nonprofit to redevelop Downtown buildings into multi-use art hubs

Article by: Sophia Surrett

Published by the Daily Memphian

Memphis-based nonprofit MVP3 Foundation announced Wednesday, June 26, plans to redevelop historic buildings in Memphis into artistic hubs for film, visual art and music.

MVP3 is eyeing four Downtown properties owned by Robert Hodges, better known as Prince Mongo, to develop into facilities that offer programs to educate students in arts.

The artistic hubs will include:

The parking lot at 88 S. Front St.;
The three-story building at 94 S. Front St.;
64 S. Front St.; and
321 St. Paul Ave. and 586 Hernando St.

Marie Pizano, president of MVP3, said the foundation has plans to buy and prepare the buildings once capital is raised. Hodges granted the foundation a year to raise funding for the buildings.

Click here to read the full article from the Daily Memphian.

A division of The Daily News, Chandler Reports has provided accurate and unbiased real estate data in Memphis and Shelby County for over 50 years.

Derived from our extensive collection of Market Trends reports, and public record information from The Daily News, the "Pulse Report" offers you a comprehensive overview of residential and commercial sales activity, foreclosure analysis, new housing trends and mortgage activity.

This complimentary report is your monthly snapshot of the local real estate market.

Chandler Reports, a division of The Daily News and the most trusted source in real estate, releases the latest installment of the "Pulse Report", a publication to keep you informed of local market trends for Memphis and Shelby County.

June Real Estate Update

Home Sales

Shelby County home sale activity fell 13% this June with 1,477 home sales recorded compared to 1,705 home sales recorded in June 2023.

Sale prices were up 1% for the month with an average price of $287,499 compared to June 2023's average home sale price of $285,057.

New home sales accounted for 4% of the sales for June with an average price of $604,234, seeing a 12% jump in price compared to last June.

Existing homes sales accounted for 96% of the sales for the month with an average price of $274,087, up 1% from June 2023's average price.

The total sales volume for the county was $425 million for June compared to $486 million last June.

The median sales price was $212,200.

20% of home sales recorded in June were valued under $100,000.

Home sales valued over $300,000 dropped by 23% in June with 487 sales recorded compared to 630 last year.

There were 31 home sales over $1M for the month and 30 sales over $1M recorded in June 2023.

Year-to-date, the number of home sales recorded is up 6% and average sale prices are down 1% compared to the same time period in 2023.

Click here to download our Residential Market Conditions reports.

Commercial Sales (May)

Commercial sales activity for May was down 20% with 45 sales recorded for the month totaling $23M compared to 56 sales recorded in May 2023 totaling $82M.

The largest commercial transaction recorded in May was for a 67 unit apartment building built in 1971 located at 1914 Ezell Street (38117). The property contains 49,330sqft and sits on 2.43 acres. The property transferred for 2.6M on May 9th from Peter Wofford to SIBD Brittany, LLC.

Click here to download our latest Commercial Market Conditions reports.

Residential Foreclosure Analysis

Foreclosure activity was down 7% this June with 27 foreclosures recorded for the month compared to 29 recorded in June 2023.

On the properties foreclosed this June, the average foreclosure amount was $113,737and the average tax appraisal value for the properties was $93,663.

The City of Memphis recorded the most foreclosures for the month with 19 total averaging $84,461.

Foreclosure notices for June remained steady with 119 notices published compared to 118 notices published in June 2023.

Click here to download our Detailed Foreclosure Analysis reports.

Mortgage Trends & Lending Analysis

Residential mortgages filed at the time of sale fell 15% this June with 967 loans recorded for the month compared to 1,141 recorded in June 2023.

The average mortgage amount was $279,049 with an average sales price of $327,773 making the average loan to value ratio 85%.

The Collierville area (38017) had the most residential loans recorded at the time of sale with 77 mortgages averaging $472,534.

The top lenders for June based on the total number of residential mortgages filed at the time of sale were Community Mortgage Corp with 69 loans, Pinnacle Bank with 52 loans and CrossCountry Mortgage with 34 loans.

Click here to download our Residential Lender Analysis reports.

Fayette & Tipton County Market Trends

Fayette County home sale activity was up 17% this June with 82 homes sales recorded for the month and 70 sales recorded in June 2023. Average home sales prices were up 7% with an average price of $419,407 this June.

Oakland (38060) recorded the most home sales for the month with 39 total averaging $337,392.

Year-to-date in Fayette County, the number of homes sales recorded is up 21% and average sale prices are up 1% compared to the same time period in 2023.

Tipton County home sales were down 17% in June with 77 sales recorded for the month compared to 93 recorded in June 2023. Average home sales prices were up 1% for the month with an price of $267,209.

The Munford area (38058) recorded the most home sales for the month with 24 sales averaging $268,336.

Year-to-date in Tipton County, the number of homes sales recorded is down 10% and sale prices are down 1% compared to the same time period in 2023.

Click here to download our West TN market trend reports.

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Review our sample reports or contact us to learn more about our services.

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