By Billy Rodgers, broker with Crye-Leike Realtors and Lakeland resident
One of the most frequently asked questions of local Realtors is: How’s the Market?
As residents in our local community and our home being one of our largest investments, we want to know how our investment is performing.
In 2016 Memphis and Shelby County had a record year in average home sales prices ($158,651) and foreclosures were at a 15-year low. This is wonderful news for the Greater Memphis Area but how is the Lakeland housing market performing?
Below is a four-year comparison to see how our local market has performed since 2013.
2016 2013 % Change
# of Sales – 308 # of Sales – 265 +16%
Total Sales – $85,729,339 Total Sales – $64,690,771 +32%
Avg. Sales Price – $278,342 Avg. Sales Price – $244,116 +14%
Avg. Price Per Sq. Ft – $97.38 Avg. Price Per Sq. Ft – $86.64 +12%
One of the reasons we have seen an improvement in home prices is that we have had a limited supply of homes to sell and the shortage is driving prices up. We have transitioned from a buyer’s market to a seller’s market in many price points.
The City of Lakeland has approved a number of new subdivisions, developers are moving dirt and we should have new homes available for potential buyers in the near future.
Our 2017 real estate market is off to a great start. With the new Middle School opening this year, The I-40/Canada Road project being completed mid-year and the excitement surrounding The Lake District, Lakeland is poised to have another strong year in Real Estate.
Mr. Rodgers has lived in Lakeland since 2003 and been with Crye-Leike 13 years. He and his wife Mechele have three sons. He is a director on the Lakeland Chamber of Commerce Board.
He volunteered to provide this information and expects to do regular reports, which will appear on the Lakeland Currents web page.
… photo by Jim Willis