Collierville, TN Real Estate: Latest Trends for Buying a House in Today’s Market

Collierville, Tennessee, a charming suburb of Memphis, is experiencing a dynamic shift in its real estate market. With its historic town square, top-rated schools, and family-friendly atmosphere, Collierville has always been an attractive place to live. However, recent trends indicate that buying a house in Collierville is becoming increasingly competitive, with homes selling quickly and often above asking price. This article will delve into the latest trends in the Collierville real estate market and provide valuable insights for potential homebuyers.

Increased Demand and Rising Prices

The demand for homes in Collierville has surged in recent years, leading to a significant increase in home prices. According to Zillow, as of August 2021, the median home value in Collierville is 1,000, a 14.1% increase from the previous year. This trend is expected to continue, with Zillow predicting a 7.1% increase in home values over the next year.

Low Inventory

One of the main factors driving up home prices in Collierville is the low inventory of homes for sale. The number of homes on the market has decreased significantly, leading to a seller’s market where there are more buyers than available homes. This has resulted in homes selling quickly, often within days of being listed, and frequently above the asking price.

New Construction

Despite the low inventory of existing homes, there has been a boom in new construction in Collierville. Developers are building new subdivisions to meet the high demand for homes. However, these new homes are often priced higher than existing homes, contributing to the overall increase in home prices.

Impact of COVID-19

The COVID-19 pandemic has also had a significant impact on the Collierville real estate market. With more people working from home, there has been an increased demand for larger homes with home offices and outdoor spaces. This has further fueled the competition for homes and driven up prices.

Tips for Buyers

Given the current market conditions, potential homebuyers in Collierville need to be prepared to act quickly. It’s important to have your financing in order and to be ready to make a competitive offer. Working with a local real estate agent who is familiar with the Collierville market can also be a valuable asset in navigating this competitive market.

In conclusion, the Collierville real estate market is currently very competitive, with high demand and low inventory driving up home prices. However, with careful planning and the right strategy, it’s still possible to find a great home in this charming Tennessee town.