October Real Estate Update

Home Sales

Shelby County home sale activity remained relatively steady, up 1% this October with 1,123 home sales recorded compared to 1,113 home sales recorded in October 2024.

Average home sale prices were up 4% for the month with an average price of $260,959 compared to October 2024's average home sale price of $250,848.

New home sales accounted for 5% of the sales for October with an average price of $480,938, up 4% in price compared to last October.

Existing homes sales accounted for 95% of the sales for the month with an average price of $250,494, up 4% from October 2024's average price.

The total sales volume for the county was $293 million for the month compared to $279 million in total sales volume last October.

The median sales price was $200,000.

21% of home sales recorded in October were valued under $100,000.

Home sales valued over $300,000 were up 44% in October with 446 sales recorded compared to 310 last year.

There were 15 home sales over $1M for the month and 20 last October.

Year-to-date, the number of home sales recorded is down 5% and average sale prices are up 3% compared to the same time period in 2024.



Click here to download our Residential Market Conditions reports.

Commercial Sales (September)

Commercial sales activity was up 15% this September with 77 sales recorded for the month totaling $92M compared to 67 sales recorded in September 2024 totaling $85M.

The largest commercial transaction recorded in September was the sale of the Courtyard Marriott hotel in Collierville located at 4640 Merchants Park Circle (38017). The 131 room hotel built in 2008 with 77,104sqft sitting on 2.25 acres, transferred for $13.4M on September 11th to Julie Meadows Hospitality LLC from Southern Hospitality LLC.

Click here to download our latest Commercial Market Conditions reports.

Residential Foreclosure Analysis

Foreclosure activity was up 6% this October with 38 foreclosures recorded for the month compared to 36 recorded in October 2024.

On the properties foreclosed this October, the average foreclosure amount was $135.207.

The City of Memphis recorded the most foreclosures for the month with 28 total averaging $105,332.

Foreclosure notices for October were up 27% with 152 notices published compared to 120 notices published in October 2024. 

Click here to download our Detailed Foreclosure Analysis reports. 

Mortgage Trends & Lending Analysis

Residential mortgages filed at the time of sale were up 1% this October with 728 loans recorded for the month compared to 720 recorded in October 2024.

The average mortgage amount was $267,134 with an average sales price of $305,186 making the average loan to value ratio 88%.

The Collierville area (38017) had the most residential loans recorded at the time of sale with 58 mortgages averaging $423,343.

The top lenders for October based on the total number of residential mortgages filed at the time of sale were Community Mortgage Corp with 50 loans, Cadence Bank with 35 loans and Orion Federal Credit Union with 26 loans.

Click here to download our Residential Lender Analysis reports.



Fayette & Tipton County Market Trends

Fayette County home sale activity fell 5% this October with 73 homes sales recorded for the month and 77 sales recorded in October 2024. Average home sale prices were down 2% with an average price of $404,500 this October.

Oakland (38060) recorded the most home sales for the month with 40 total averaging $369,282.

Year-to-date, the number of home sales recorded is down 6% and average sale prices are up 1% compared to the same time period in 2024.

Tipton County home sales were up 16% with 64 sales recorded for the month compared to 55 recorded in October 2024. Average home sale prices were up 6% for the month with an average price of $283,473.

The Covington area (38019) recorded the most home sales for the month with 16 sales averaging $166,213.

Year-to-date, the number of home sales recorded is down 1% and average sale prices are up 6% compared to the same time period in 2024.

Click here to download our West TN market trend reports.