Welcome to this month’s Memphis, Tennessee metro area real estate market report. Are you ready to buy or sell a home or investment property in Memphis soon? This helpful market report will get you up to date about the single-family housing market in the Memphis metro area.
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Have you been considering selling your home but not sure what it might be worth? We provide sellers a free home valuation tool to find out your home’s market value. Start here and answer a few questions about your home and we will provide you a market summary to competitively price your home.
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Memphis Metro Housing Stats
The average sale price for single-family residential homes in Memphis, Tennessee ended December 2020 at $223,843, a 17% increase from $189,972 at the end of 2019.
There were a total of 1,796 properties sold during the month of December in Memphis, a year to year increase of 10.7% from 1,622 the previous December.
Breaking down the numbers a little further; there were 90 new home sales in the Memphis metro, down from 91 sold the previous December. The average sale price for new homes sold during December was $381,903, new home sale prices have increased only slightly year to year, up from $370,310 at the end of 2019.
There were only 15 bank-owned properties sold during December, down from 30 one year ago.
Bank-owned properties in Memphis sold for an average of $105,427 during the month of December, up 3.1% from the previous December average of $80,215.
There are currently 2,220 active single family homes listed on the market in Memphis, Tennessee. As well, there are 139’condo units available, and 44 duplex units listed publicly. This brings the total number of active listings at the end of 2020 to 2,403. Active listings (inventory) has fallen from 3,400 at the beginning of 2020.
What Does This Data Mean For Buyers?
If you are searching for a home in the Memphis metro area expect declining inventory available, but only slightly higher prices overall. Like much of the rest of the country, buyers are looking to get out of their apartment and into a single-family property as work from home Zoom meetings become the norm.
Buyers need to have financing in place and be ready to act as soon as a property is found. Give us a call today, we are happy to put our experience to work for you to find you the perfect home in Memphis, Tennessee.
What Does This Data Mean For Sellers?
The Memphis metro market is favoring sellers right now. Single-family homes with an extra room for an office and ample outdoor space are still in demand. Sellers considering selling should take advantage of the favorable conditions and get their property listed today.
We help sellers of all property types. We work for you to show off the best features of your home and market it to the most qualified buyers. Give us a call today and we can show you how we have hundreds of sellers sell them quickly!
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 $223,843 or less.