Welcome to this month’s Memphis, Tennessee real estate market report. This summary will get you up to date about home prices and how much inventory is available in the Memphis real estate market.
Welcome to this month’s Memphis, Tennessee real estate market report. This summary will get you up to date about home prices and how much inventory is available in the Memphis real estate market.
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Memphis Housing Stats
The average sale price for single-family homes at the end of August 2020 was $221,098, a 13.3% increase from $195,134 at the end of August 2019. Year to date average sale price has gone up 8.8% from $190,184 to $206,913 during this same period.
Inventory available in Shelby, Fayette, and Tipton counties has dropped significantly over the last 12 months causing the rise in sale prices.
Active listings in the Memphis area have fallen from 4,056 units available at the end of August 2019 to 2,876 units available at the end of August 2020.
The average list price for single-family homes in Memphis ended August 2020 at $338,308, condo list prices averaged $234,252, and the duplex average list price was $89,511.
Total sales ended in August 2020 at 1,825, down 5.3% from 1,927 one year ago. The total year to date sales is also down 5.3% from 13,205 to 12,499.
Existing home sales accounted for 1,745 of the total sales in August. The average sale price for existing homes is $211,988, up 13.9% from $186,125.
There were 80 sales of new homes in the Memphis area during August, a 10.1% drop from 89 one year ago. The average sale price for new homes climbed 10% from $381,178 to $419,808.
There were a total of 28 bank-owned sales during August, down 54.8% from 62 one year ago. So far, there has been a total of 253 bank sales during 2020, down 37.2% from 403 one year ago.
What Does This Data Mean For Buyers?
Buyers looking to buy a home in the Memphis, Tennessee area can expect higher prices and fewer options for homes. As buyer preferences shift towards single-family homes, buyers may see steady competition for homes over the next few months.
Buyers should have financing in place and be ready to act as soon as a property is found. Give us a call today and we can help with you find a property quickly and safely.
What Does This Data Mean For Sellers?
As sales prices rise and interest rates are low there is continued demand for homes. If you are considering selling now is a good time to do so. Sellers in some markets have seen average sale prices rise above the Memphis area average.
Give us a call today and we can help you sell your home quickly. We work with you to price your home competitively, market it to the most qualified of buyers safely. Let us go to work for you and give us a call today!
Memphis Homes for Sale
Here are the most recent home listings just added to the database in the median sale price range for Memphis – all homes here are priced at $221,098 or less.
