Home Buying in Germantown>Question Details

Kip, Home Buyer in Brookfield, WI

What is Germantown's real estate condition?

Asked by Kip, Brookfield, WI Sun Jun 20, 2010

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Joseph Runfola’s answer
Average price per square foot for Germantown TN was $129, an increase of 31.6% compared to the same period last year. The median sales price for homes in Germantown TN for Apr 10 to Jun 10 was $268,000 based on 225 home sales. Compared to the same period one year ago, the median home sales price increased 2.6%, or $6,750, and the number of home sales increased 32.4%.

There are currently 521 resale and new homes in Germantown on Trulia, including 9 open houses, as well as 74 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Germantown TN was $445,965 for the week ending Jul 28, which was unchanged compared to the prior week. Popular neighborhoods in Germantown include Cedar Lake Homeowners Association and Poplar Estates Homeowners Association, with average listing prices of $327,971 and $195,385.
Web Reference: http://clovelake.com
0 votes Thank Flag Link Fri Aug 6, 2010
I believe the answer below was well researched! - it is really a Buyer's market and Oh my the interest rates are fab! so hurry down, hope the heat won't melt you !

Patty
Web Reference: http://www.pattyeveritt.com
0 votes Thank Flag Link Fri Aug 6, 2010
Home values in Germantown have held relatively steady despite the real estate downturn. Older homes in average condition in West Germantown are selling in the $80-$90 sf range. Homes in East Germantown which were built after 1984, again in average condition, sell for prices ranging from the high $80's to well over $100 per sf.

The reason for Germantown's price stability is the continually shrinking area of Shelby County that is considered safe from both a personal, and investment, standpoint. Less than a third of the residential neighborhoods in Shelby County are located in areas where prices are either remaining stable, or rising.

The foreclosure market in GT is relatively small compared to the entire housing inventory, though there are a few good deals out there. I know of one 3000 sf foreclosure home, with a pool, in West Germantown that was under contract for a price in the low $180's. With moderate repairs it would be worth close to it's assessed value of $260K.

If you have any more questions about anything concerning the housing market in the Memphis metro area, you can email me at troach2@comcast.net.


Terry Roach
Home Buyer's Consultants
901.258.6710
0 votes Thank Flag Link Wed Jun 30, 2010
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