2016-- A Good Year for Property Values in Midtown
by Barbara Sysak
Prices to buy Midtown properties continued to climb in 2016 as there is renewed interest in this dynamic area of the city. Whether it is the revival of Overton Square with its multitude of family-friendly restaurants and diverse theatre options or maybe because of a thriving economy combined with low interest rates, there is now a low inventory of housing, which has increased property values.
Well- maintained homes in the Central Gardens Historic District are many times going for the asking price. We asked Linda Sowell, of Sowell and Company Realtors and long time sponsor of Central Gardens Home and Garden Tour to give us her professional view on the Central Gardens market.
Linda mentions that as of Mid-December, 2016:
- There have been 98 sales in Central Gardens.
- The average days on the market were 64 with a median of 37 compared to 80 days on the market for 2015.
- The average list price was $349,370 with an average sales price of $335,064. The average sales price in 2015 was $301.842.
- Sales ranged from $97,500 to $1,150,000 with 3 sales over $1,000,000. In comparison in 2015, there was only 1 sale over $1,000,000
- There are many first time buyers in the market and lots of baby boomers who are scaling down.
- We are beginning to see multiple offers on homes from $150,000 to $275,000 (especially homes in this price range with downstairs bedrooms.)
Like Midtown, our buyers have been a diverse group. Many are first time. Some live in Central Gardens and purchase either smaller or larger homes in the area. One of my clients laughed while describing rolling his gas grill down the street. Many buyers moved from out of town and other areas of Memphis.
Among the reasons buyers choose Central Gardens are proximity to the Medical Center, Overton Park and the zoo. The recent renovation of Overton Square, Broad Avenue and the Sears Crosstown area has done a lot to attract buyers who want to be near restaurants and theaters. The Brooks Museum of Art and Cooper Young area has been a draw for a few years.
Most buyers start their search on line, but they usually end up purchasing after looking at several homes. Open houses are well attended in Central Gardens and many times result in sales.
Linda says that the outlook for 2017 is bright. Of course she mentions that she is an eternal optimist or she wouldn't have stayed in this business for 44 years!
Use the form below to search for available homes for sale or rent in and around Central Gardens.