Which Memphis suburb has the highest home prices so far in 2024? Here's how they rank

Collierville led the six Shelby County suburban municipalities in most homes sold and highest median home sales price during the first quarter of 2024, according to Memphis Area Association of Realtors’ data .

Collierville saw 185 homes sold from January to March 2024, compared to 163 homes in the same period last year — a 13.5% increase. The town's median sales price rose 4.8%, going from $499,500 to $523,310.

Chelena Allen is a real estate agent with BenchMark Realtors, LLC and is on the Memphis Area Association of Realtors' board of directors. She said a couple things stand out about the Collierville housing market.

“The good thing we’re seeing is an increase in sales in Collierville, but as far as (home) pricing goes, it is increasing as well,” she said. “For existing homes, the median home price in Collierville is $465,000.”

She noted more new home sales are taking place in Collierville. The town saw 49 new homes sold in the first quarter of 2024, up 48.5% from 33 homes in the same period last year.

Allen said more new home construction is happening in Collierville because developers have access to more land, as compared to in a suburb like Germantown.

"It's just more availability to build out there in Collierville right now," she said.

Collierville is not alone in seeing an increase in home sales and sales price this past quarter. The majority of Shelby County suburbs saw increases.

Here is a closer look at the suburbs, which are ranked based on median home sales price. The data compares the first quarter of 2024 to the same period in 2023.

Collierville

Collierville is the most expensive Shelby County suburb to buy a home in so far in 2024. The median sales price rose from $499,500 to $523,310, a 4.8% increase.

Collierville also saw the largest increase in homes sold at 13.5%. As noted above, the town saw 185 homes sold from January to March 2024, compared to 163 homes in the same period last year.

Arlington

Arlington saw the largest increase in median sales price at 8.6%. The median price rose from $464,950 to $505,002.

However, Arlington was only the Memphis suburb to see a decrease in home sales, ticking down from 63 to 60, or a 4.8% decline.

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Germantown

Germantown saw a slight increase in median sales price year-over-year, increasing 1.1%. from $445,000 to $450,000.

The city saw 124 homes sold in the first quarter of 2024, a 6% increase from 117 a year ago.

Lakeland

Lakeland saw its median sales price drop 16.2% in the first quarter, falling from $525,000 to $440,000.

Its homes sales were steady with 56 homes sold year-to-date compared to 55 last year, a 1.8% increase.

Bartlett

The median sales price in Bartlett hit $300,000, up 3.8% from $289,000.

Bartlett recorded 174 homes sold, a 3% increase from 169 in the same quarter last year.

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Millington

Millington continues to be the most affordable suburb. Its median sales price dropped 3%, from $232,000 to $225,000.

Home sales were up 5% in Millington, increasing from 60 to 63.

Corey Davis is the Collierville and Germantown reporter with The Commercial Appeal. He can be reached at Corey.Davis@commercialappeal.com or 901-293-1610.

This article originally appeared on Memphis Commercial Appeal: Which Memphis suburb has the highest home prices so far in 2024? Here's how they rank