This year has certainly thrown more curveballs at Collierville than could have ever been expected. Yet, that hasn’t slowed down Collierville’s growth. From residential to commercial, 2020 has still been an overall positive year for the real estate market here in town.
Per the Town of Collierville, as of June 2020, 75 permits have been approved for both residential and commercial projects – 40 of these have yet to start construction, so make sure to keep an eye out around town for any new developments! Additionally, the Town is currently reviewing 14 applications for upcoming construction projects and 21 new applications have been submitted to the Town since March 2020, so there may be exciting and as-of-yet unknown projects in Collierville’s future as well. We all need something to look forward to right now!
Collierville’s real estate market is also still delivering a win-win for both buyers and sellers. Since January 2020, 338 houses have been sold in Collierville, and this issue’s “Realtor Tips” explores how lower interest rates (around 3%) will benefit both buyers and sellers in the remaining months.
Interest rates aren’t the only reason people are buying and building houses in Collierville though – flipping through to one of our featured homes, “Never Get Tired of Blue,” makes it obvious that the scenery, dedicated craftspeople and community available here in Collierville are a huge part of it too.
This continual interest in Collierville living explains why 42 neighborhoods in Collierville are considered to be active residential areas – meaning a single family subdivision with at least one vacant lot left – by the Town. There is plenty of room for new homes to be built and for the community to welcome new residents into their neighborhoods; new residents who often, as proven by “Home Tour: The Birminghams” in this Square Feet section, are here to stay.
As The Town of Collierville’s Director of Economic Development John Duncan shared with us, Collierville has also been able to maintain the appropriate ratio of median household income to median home value throughout 2020. According to Collierville’s Esri data set, our median household incomes are $110,724, with a median home value of $332,667 – right on the 30% mark that experts recommend!
To give a better overview of 2020 as a whole for the Collierville real estate market, let’s look at these January-June 2020 “Off The Market” stats*:
Highest priced sale amount – $975,000
Lowest priced sale amount – $75,000
Highest per square foot cost – $238
Lowest per square foot cost – $76
Median sale price – $365,000
Average per square foot total – $131
Here we can see that Collierville’s median sale price remains higher than the national median sale price of $320,000. In fact, the median sale price has remained high even during “Safer At Home” orders. Collierville homes also spend, on average, a shorter time on the market – only 40 days – as opposed to a national average of 60 days, according to Realtor.com’s© March 2020 data release.
Collierville’s successful real estate market and commercial development, even during a national pandemic, is proof that our community can get through just about anything, and get through it well.
*Three properties have been removed from “Off the Market” stats as further information is needed due to irregularities
Data was compiled by Tour Collierville based on information from ©COPYRIGHT 2020 COURTHOUSE RETRIEVAL SYSTEM. ALL RIGHTS RESERVED. Information Deemed Reliable But Not Guaranteed.