Shelby County’s homes rose in price
The median sales price for a single-family home in Shelby County during July was $250,000. That's an increase of 14.7% compared with July 2020, according to data from Realtor.com.
The number of houses sold rose by 16.4% from a year earlier. A total of 1,375 houses were sold county-wide during the month of July. During the same period a year earlier, 1,181 single-family homes were sold.
Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through the National Association of Realtors to the USA TODAY Network.
Condominiums and town homes sold in July had a median sales price of $170,000. That figure represents a 13.4% increase year-over-year. In Shelby County, 99 were sold, up 30.3% from a year earlier.
How hot is Shelby County's real estate market in Tennessee?
Information on your local housing markets is available through the USA TODAY Network, with more data from the National Association of Realtors.
The top 10% of the properties sold had prices of at least $510,000, up 17.8% from a year before. In July, 24 properties sold for $1 million or more: 22 singlefamily homes, one condominium or townhome and one other property.
The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what's happening in a market. In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.