Welcome to this month’s Memphis, Tennessee, real estate market report. Check to see if there was a decline or increase in home sales.
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Memphis Metro Housing Stats
Memphis-area home sales for August decreased 17.9% from a year ago, with 1,591 total sales recorded. Average sales price was down 0.3%, at $281,228.
There were 77 new home sales for August this year in Memphis, a decrease of 18.9% from last year’s 95 new home sales, and the average sale price for new homes increased 10% from one year ago, up from $461,630 to $507,986.
There were 8 bank-owned properties sold, same as last year’s. Average sales price increased54.1% from $110,127 to $169,720.
There is a total of 3,311 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 $362,985, $254,918 for condos, and for duplexes is $185,804. The market total for pending sales is 963 for single family, 44 for condo and 20 for duplex with the average list price of $334,212.
Total inventory decreased 3.9%, with 3,311 units listed for sale.
What Does This Data Mean For Buyers?
Resumption of classes correlates with a decline in inventory. Interest rates continue to have an impact.
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 experiences a surge in summer sales.
Numbers are still below compared to 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
