Welcome to this month’s Memphis, Tennessee, real estate market report. Inventory is increasing. Let’s see if there is little price variation in the market.
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Memphis Metro Housing Stats
Memphis-area home sales for April decreased 36.3% from a year ago, with 1,018 total sales recorded. Average sales price was up 2.1%, at $262,293.
There were 55 new home sales for April this year in Memphis, a decrease of 23.6% from last year’s 72 new home sales, and the average sale price for new homes decreased 1.3% from one year ago, up from $499,006 to $492,337.
There were 6 bank-owned properties same as last year. Average sales price increased 69.5% from $106,667 to $180,780.
There is a total of 2,975 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 $370,819, $261,213 for condos, and for duplexes is $217,002. The market total for pending sales is 909 for single family, 29 for condo and 16 for duplex with the average list price of $303,46.
Total inventory increased 6.1%, with 2,975 units listed for sale.
What Does This Data Mean For Buyers?
People are beginning to make their spring moves as inventory is up 6.1% from March.
Give us a call today, and we can answer all the questions about buying a single-family home, condo, or duplex in Memphis, Tennessee.
What Does This Data Mean For Sellers?
The market still requires a property to be move-in ready, even though overall numbers are down from 2022.
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 . 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!
See Additional Reports on the Memphis Real Estate Market
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
