Welcome to this month’s Memphis, Tennessee, real estate market report. As the latest market numbers are released for April, are home sales changing fast or not? Read this helpful report to find out.
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Memphis Metro Housing Stats
Memphis-area home sales for April decreased by 14.4 % from a year ago, with 1,582 total sales recorded. Average sales price from March-to-March was up by 14.4 %, at $256,670. Year-to-Date sales volume increased 10.2 %, at $1.51 billion.
There were 67 new home sales during April this year in Memphis, this is a year-to-year decrease of 30.2%, and the average sale price for new homes climbed to 21% from one year ago, up from $414,206 to $501,114.
There were 6 bank-owned properties sold, a drop of 40% when compared to the 10 sold during April 2021. Average sales price went down to 20.6% from $134,420 to $106,667.
There is a total of 2,016 listings available to buyers in Memphis, this includes single family, condo and duplex properties for sale. The average list price for single-family homes is $356,356, $198,616 for condos, and for duplexes is $234,976. The market total for pending sales is 1,433 for single family, 48 for condo and 35 for duplex with the average list price of $292,922.
Total inventory increased by 6.2% from 1,898 at the end of March to 2,016 at the end of April. Inventory ticked up a bit, but it’s still very competitive when making an offer.
What Does This Data Mean For Buyers?
The market is starting to show the effect of high interest rates and inflation. If you’re buying a home in Memphis, you could pay more than the asking price. Memphis is rated as the #1 real estate market where first-time buyers are battling investors for the best homes.
Give us a call today today and we can answer all the questions you have about buying buying a single-family home, condo, or duplex in Memphis, Tennessee!
What Does This Data Mean For Sellers?
Homes are selling fast, with fewer listings available and increased competition between homebuyers and investors. Memphis is the top market where homebuyers are battling investors for single-family homes, and investors seem to have the winning hand.
If you are thinking of selling your home or condo, give us a call at 901-451-2001 to find out how we list and actively market the best features of your home to the most qualified buyers!
If you need to buy or sell a home here in Memphis, give us a call today at 901-451-2001. We can help you find the perfect home for you and your family. Or, we can help you sell the house you have invested into a family who will treasure it as much as you do. Don’t hesitate to give us a call to get started!
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 $249,100 or less