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.
Are you looking for a home to buy in Memphis, Tennessee and frustrated by the big popular real estate search sites? Start your search here with our home finder tool to locate homes by price, size, location, and more! Be sure to save your searches and sign up to be notified as soon as new matching properties become available so you don’t miss out!
Are you ready to sell your home but not sure for what price? Find out what your home may be worth with our free home valuation tool. Simply enter some basic information about your home and we will provide you a comprehensive market summary suggesting a listing price for your home. With today’s climbing home prices it is important to price your home accurately and competitively.
Memphis Metro Housing Stats
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.
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 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