Welcome to this month’s Memphis, Tennessee, real estate market report. How has the real estate market in Memphis performed during the month of August 2021?
Have single-family home prices risen higher? Is there more inventory of homes available to buyers? Read this helpful report to get up to date.
Are you searching for a home to buy in Memphis and frustrated by the big search that doesn’t show you what you are looking for? Our easy-to-use search tool will help you locate the properties you are interested in. Be sure to save your favorite homes to tour and then sign up to be notified as soon as new listings become available so you don’t miss out!
If you are ready to sell your home in Memphis today it is important that you price your home accurately and competitively. Start here with our free home valuation tool to get an idea of your home’s worth. Simply enter some basic information about your property and we will provide you a market summary suggesting a listing price for your home. Give us a call at 901-451-2001 and we’ll help you get started!
Memphis Metro Housing Stats
The average sale price for homes in Memphis at the end of August 2021 was $254,420, down 14.6% from one year ago. The year-to-date average sale price of single-family homes in Memphis is up 13% from $207,415 to $234,262.
There were 2,038 properties sold during the month of August, a year-to-year increase of 11.1%. So far this year, 14,619 properties have sold in Memphis, Tennessee, up 16.8% from 12,519 at this time one year ago.
There were 77 new home sales, a drop of 8.3% from one year ago, and the average sale price of new homes increased year to year 1.3% from $437,550 to $443,363. For the year there have been 675 new home listings sold, an increase of 4.3% compared to one year ago.
A total of seven bank-owned properties were sold in Memphis last month, a drop of 75% from 28 when compared to the previous August. The Memphis real estate market has seen a drop in bank-owned property sales, total bank-owned properties sold for the year are down 63.2% compared to one year, falling from 253 to 93.
At the end of August, there was a total of 2,496 active single-family home listings in Memphis, that are on the market for an average list price of $325,968, there are a total of 103 active condo listings being offered for an average list price of $215,020, and there are 60 duplex properties offered for sale for an average list price of $135,126.
Inventory levels increased from July to August, rising slightly from a total of 2,514 active listings to 2,659. Inventory levels are starting to trend upward, however, available properties to buy in Memphis have fallen from a high of 3,360 at the beginning of 2020, and hit the lowest in March 2021 with only 1,976 listings for sale.
What Does This Data Mean For Buyers?
Buyers looking for a single-family home, condo, or duplex in Memphis, Tennessee can expect to see higher prices and slightly more inventory. Some price markets are in a stagnant period as buyers’ preferences for homes have shifted to single-family homes instead of condos or duplexes.
Buyers should expect to see prices increase as the year continues. If you are looking to buy a property be sure to have financing in place first and be prepared to act as soon as a property that meets your needs is found.
What Does This Data Mean For Sellers?
Memphis is still primarily a seller’s market as prices continue to climb and inventory levels remain low. Some pricing markets will see homes sell very quickly, while others need a patient strategy when it comes to selling your home.
Sellers can expect that as interest rates remain low, and buyers flee from higher-taxed and more restrictive states, demand should continue the remainder of this year.
If you are thinking of buying or selling a single-family home, condo, or duplex in the Memphis, Tennessee, area, give us a call today at 901-451-2001 and we will put our expertise and knowledge to work for you!
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 $254,420 or less