The prices in real estate in Memphis, in the Tennessee region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per sq.feet in Memphis has increased strongly during the last 6 months. In January, the average price per sq.feet was $51. In the following month the price per sq.feet increased considerably to $1,421. The price for the following two months in (March, April) had a considerable increment of 406 %. The price per sq.feet has had a considerable increase of 228 % 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 $1,861.5 to $4,242 during May, and June.
Based upon to the price in Memphis (cities), this has gone up considerably in the last 6 months. The average price during our first sample month during January, is $70,019. During February the price went through a considerable rise reaching $99,657. During the following two months (March, April) the average price had a considerable increase of 140 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has risen strongly 133 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 2 bedrooms are the cheapest ones. At a price of $127,885 they are 61 % more affordable than the average price for Memphis. The properties with the highest average price have 1 bedroom, Their price is 75 % more costly than the average. After that we have properties with 4 bedrooms priced at $93,498.
With regard to the average price per sq.feet , those properties with 3 bedrooms are the cheapest ones at a cost of $48 / sq.feet, with an average $2,730 / sq.feet price in Memphis. The properties with the lowest average prices have 1 bedroom. They are 94 % cheaper than the average followed by properties with 4 bedrooms with a price at $54 / sq.feet.
The graph displaying the average prices displays the property type "Apartment" as the most affordable one. At an cost of $127,885 it is 48 % cheaper than the average price in Memphis. "Bungalow" is seen as the second most affordable property type. The dearest property type is "Condo" followed by "Commercial". At a price of $188,593 it is 48 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Apartment" at an average cost of $48 / sq.feet followed by "House" priced at $191 / sq.feet. "Condo" is the cheapest type of property with a $899 / sq.feet value followed by "Commercial" with an average price of $894 / sq.feet.