Welcome to this month’s Memphis, Tennessee real estate market report. Get caught up with the latest home buying and selling statistics as we head into the year’s end.
If you are planning to buy a home for the first time or are an experienced buyer use the data in this report to help you find homes you are interested in by price, size, or location. Make sure to save your searches and sign up to be notified as soon as new, matching properties become available.
With inventory shrinking and sales prices going up now is a good time to upgrade or cash in your investment. The first step towards selling your home is to know your home’s market value. To find out yours, use our home valuation tool to get an estimate of your property’s potential worth. Simply enter some basic information about your home and we will provide you with a market summary of your home and its potential list price.
Get started today and give the Lumiere Team a call at 901-451-2001.
Memphis Housing Stats
The average sale price for single-family homes in the Memphis metro area ended September 2020 at $224,713, a 14.7% year to year increase from $195,996. The year to date average sale price is up 9.7% at $209,328 compared to this time last year.
Total home sales in Memphis pushed prices higher, a total of 1,813 units were sold during September, up 7.9% from 1,681 the previous year. Year to date home sales are down 3.8% from 14,886 to 14,314 so far this year.
September existing home sales prices averaged $218,104, up 16.2% from $188,576. New home sale prices in Memphis fell 3.1% from $380,478 to $369,644. Existing home sales were up during September, 1,745 sold last month compared to 1,616 sold one year ago.
The September average sale price for new homes in Memphis fell 3.1% year to year, down from $380,478 one year ago to $368,644 at the end of September. A total of 68 new homes were sold last month, compared to 65 the previous September.
There are a total of 2,876 active listings in the Memphis area, down slightly month to month from 2,876 in August and ending September at 2,863. There are a total of 2,661 single family homes, 142 condos, and 60 duplex homes available to buyers in the Memphis real estate market.
What Does This Data Mean For Buyers?
Buyers looking for homes in Memphis can expect higher prices and fewer choices for homes as inventory continues to shrink. Buyers may find opportunities in certain markets as sellers lower prices for their homes.
It is important to have an agent on your side who knows the market and can represent you to find the most value possible. Give us a call today do we can show you how we help buyers find great homes!
What Does This Data Mean For Sellers?
If you are thinking of selling, now is a great time. Some sellers in certain markets will see continuing demand as interest rates stay low and buyer preferences shift. Single-family homes are in high demand even as we head in to the slower winter season.
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 $224,713 or less.