Welcome to this month’s Memphis, Tennessee, real estate market report. Summer will be ending, will the inventory continue to grow? Read this helpful report to find out.

Memphis Metro Housing Stats

Memphis-area home sales for August decreased 6.6 % from a year ago, with 1,917 total sales recorded. Average sales price was up 5.2 %, at $268,034.

There were 84 new home sales for August this year in Memphis, this didn’t change from last year since it has the same data, and the average sale price for new homes climbed 5.6% from one year ago, up from $453,296 to $459,773.

There were 11 bank-owned properties sold, an increase of 83.3% when compared to the 6 sold during August 2021. Average sales price went up 5.8% from $116,942 to $110,127.

There is a total of 2,871 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 $375,010, $223,085 for condos, and for duplexes is $251,630. The market total for pending sales is 1,289 for single family, 40 for condo and 20 for duplex with the average list price of $316,556.

Total inventory increased from 2,839 at the end of July to 2,871 at the end of August.

What Does This Data Mean For Buyers?

The spike in mortgage rates has compounded an affordability crisis for prospective buyers contending with the effects of inflation on their budgets as well as sky-high home prices. The trend has sapped demand and left sellers with little choice but to dial down their expectations.

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?

Individual home sellers and builders were both quick to drop their prices early this summer, mostly because they had unrealistic expectations of both price and timelines.

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!

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

Memphis Metro Real Estate Market Report - October 2021
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Memphis Metro Real Estate Market Report - October 2021
The average sale price for a single-family in Memphis, Tennessee, at the end of September 2021 was $240,539, a year-to-year increase of 6.6%.
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