Property prices for sale in Memphis (Tennessee)
The prices in real estate in Memphis, in the Tennessee region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Memphis has had a strong decrease during the last 6 months. In October, the average price per sq.feet was $816. In the following month the price per sq.feet decreased considerably to $218. The price for the following two months in (December, January) had a considerable decrease of 30 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 47 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $335.5 to $157 during February, and March.
Based upon to the price in Memphis (cities), this has gone downing the last 6 months. The average price for October is $273,414. During November the price had a slight fall till $257,591. During the following two months (December, January) the average price had a considerable reduction of 84 % with regard to the previous two months. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of $243,900 and $236,736.5 between February and March.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of $246,437 they are 34 % more affordable than the average price for Memphis. The properties with the highest average price have 4 bedrooms, Their price is 43 % more costly than the average. After that we have properties with 3 bedrooms priced at $229,264.
With regard to the average price per sq.feet , those properties with 4 bedrooms are the cheapest ones at a cost of $145 / sq.feet, with an average $160 / sq.feet price in Memphis. The properties with the highest average prices have 1 bedroom. They are 952 % more expensive than the average followed by properties with 2 bedrooms with a price at $364 / sq.feet.
The graph displaying the average prices displays the property type "Bungalow" as the most affordable one. At an cost of $246,437 it is 47 % cheaper than the average price in Memphis. "Detached House" is seen as the second most affordable property type. The dearest property type is "Townhouse" followed by "Land". At a price of $252,837 it is 7 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "House" at an average cost of $159 / sq.feet followed by "Bungalow" priced at $660 / sq.feet. "Townhouse" is the most costly type of property with a $99,290 / sq.feet cost followed by "Land" with an average price of $95,433 / sq.feet.
