Welcome to this month’s Memphis area real estate market report. Are you curious to know what the market for home’s is like in Memphis as we head into the winter season? Get up to date with this helpful report.
Are you ready to buy a home? This report will tell you the numbers, we will show you the homes. Start your search here to find houses by price, size, location, and more! Once you find a home you like, save your searches, then be sure to sign up to be notified as soon as new, matching properties hit the market!
Do you need to sell but not sure what your home might sell for? We provide a free home valuation tool to help you discover your home’s worth. Begin by answering a few questions, then, we will provide an estimate of your property’s market value. We work to price homes correctly so you don’t leave money on the table! Get started today! Give the Lumiere Team a call at 901-451-2001.
Memphis Housing Stats
The average sale price for single-family homes in Memphis, Tennessee, ended October 2020 at $241,213, a year to year increase of 27.9% from $188,641. The year to date sales average for single-family homes during this same period is $213,119, an increase of 11.8% from $190,616.
Existing home sales made up the majority of sales during October 2020. Existing home sale prices in Memphis averaged $234,238, on 1,749 sales, outpacing the previous year’s average of $176,570 on 1,616 sales.
New home sales in Memphis fell this October in comparison with the previous October. There were 80 new home sales during that time, down 23.3% from 103 one year ago. The average sale price for new homes climbed slightly to $393,688 from $378,028.
Bank-owned sales made up for 19 of the properties closed on during October, falling 51.3% from 39 the previous year. Bank owned properties sold for an average of $98,972, up 8.3% from $91,197, obe year ago.
There were a total of 1,829 properties sold in Memphis during October, an increase of 6.4% from 1,719 one year ago. Year to date there have been 16,156 single-family homes sold so far, this is lagging 2.7% from 16,604 sold by this time the previous year.
Inventory dropped from September to October, falling from 2,863 units available to 3,805 available at the end of October 2020.
What Does This Data Mean For Buyers?
If you are looking to buy a home on Memphis, Tennessee be sure to have financing in place and be ready to act when a property is found. Be sure to sign up for new listing alerts so you are notified about new listings.
The inventory for homes is tightening as we head into the winter season. With buyer preferences shifting, and mild winter weather expects lots of competition for homes as we end the year. We help buyers stand out among the competition, give us a call to find out how!
What Does This Data Mean For Sellers?
If you are thinking of selling your Memphis home now is a good time to do so. As inventory declines, buyer preferences change, and rates stay low, sellers are in a good position to sell their home quickly and potentially see a substantial return on their investment.
Give us a call today to find out how we market and sell your home to the most qualified of buyers. We work with all sellers to show off the benefits of their home and work to ensure a smooth transition to its new owners.
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 $241,213 or less.