In 2016, home sale activity picked up in our market and home prices hit a record high. What does 2017 have to offer so far?
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Last year, home sales actually found some stability compared to what they’d been since the market shifted in 2007. Foreclosures hit a 15-year low, home sale activity picked up, and home prices hit a record high.
The total number of units sold increased 9% compared to the year before—we had 17,537 homes sales recorded, which was the highest mark since 2007. The total sales volume rose 12%. Home sales above both the $500,000 and $1 million price brackets also rose. Home sales within the city limits actually accounted for 64% of the total homes that sold. Cordova and Lakeland were the only two municipalities that recorded a lower number of sales, but only by about 1%.
2016 was a very good year for our market.
If you have any questions about your local market or are interested in buying or selling a home, please feel free to reach out to us. We look forward to hearing from you!
