Welcome to this month’s Memphis, Tennessee real estate market report. Are you thinking of buying or selling a home in Memphis and are curious as to how much homes are selling for? Read this helpful report to get up to date!
If you are planning to buy a home soon, start your search here. Find properties for sale by price, size, location, and more! Once you find properties to tour, be sure to save your favorites. Lastly, sign up to be notified as soon as new properties become available so you don’t miss out.
Are you ready to sell your home but not sure at what price? We provide a free home valuation tool to help you get started. Simply enter some basic information about your property and we will provide you a market summary of your home and its potential selling price. With home prices rising we can help make sure your home is priced accurately.
Memphis Metro Housing Stats
The average sale price for single-family homes in Memphis ended April 2021 at $224,956, a year-to-year increase of 3.7%. The year-to-date average sale price is up 10% from $193,410 to $214,336.
There was a 25.9% increase in the number of properties sold in Memphis during April compared to the previous April, up from 1,462 to 1,840. So far this year there have been 6,361 properties sold, outpacing the 5,680 by this time one year ago.
A total of 1,501 single-family homes went under contract in Memphis during April. There were 46 condos, and ten duplex properties that also went under contract last month.
At the end of April, there were 1,753 existing home sales, up 27.4% from 1,376 sold the previous April. The number of existing-home sales at the end of April is up 13.1% from one year ago, increasing from 5,362 to 6,065.
The year-to-date average sale price for existing homes is $204,867, up 12.9% compared to this time last year.
There were 87 new home sales in Memphis, for an average sale price of $426,764. New home sale prices have climbed 6.4% from the previous year. The year-to-date average sale price for new homes is $408,360, up 3.7% from one year ago.
There were a total of 1,903 active single-family home listings in Memphis, 92 condo listings, and 53 duplex listings available to buyers at the end of April.
Total inventory available increased slightly month to month, up from 1,990 at the end of March to 2,048 at the end of April. While inventory levels have risen the last three months, up from 1,976 active listings at the end of February, it is still well below the April 2020 number of 3,340 available units.
What Does This Data Mean For Buyers?
For buyers in Memphis, there is good news, inventory levels have started to increase giving buyers more options. However, prices continue to climb, while Memphis is below the national average, buyers should be prepared to act when a property is found.
Buyers may expect increased competition for homes and may have to modify their wants in a property so as to not miss out.
Get started today! Give the Lumiere Team a call at 901-451-2001 and we can show you how we help buyers find a property that meets their needs and work on their behalf to submit a great bid. Don’t miss out!
What Does This Data Mean For Sellers?
If you are thinking of selling your home or condo in Memphis, as the summer buying season begins, demand for homes will increase along with prices. As interest rates stay low and buyers fleeing high tax states, expect the seller’s market to continue in Memphis.
We have the experience and knowledge to price your home accurately and market the most in-demand features that buyers are looking for today. We work to sell your home quickly and to net you the most amount of money. Don’t hesitate, give the Lumiere Team a call at 901-451-2001.
Memphis Homes for Sale
Here are the most recent home listings just added to the database in the average sale price for Memphis – all homes here are priced at $224,956 or less