Welcome to this month’s Memphis, Tennessee, real estate market report. It’s hard to believe, but we are already rounding off the year of 2022 and are about to head into 2023. Let’s find out how the market is as the year ends.
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Memphis Metro Housing Stats
Memphis-area home sales for December decreased 31.2% from a year ago, with 1,253 total sales recorded. Average sales price was up 9.3%, at $245,254.
There were 84 new home sales for December this year in Memphis, a decrease of 22.9% from last year’s 109 new home sales, and the average sale price for new homes increased 1.9% from one year ago, up from $477,649 to $486,865.
There were 12 bank-owned properties sold with average sales price of $76,374 which increased 140% from last year’s 5 sold properties with average sale price of $71,240.
There is a total of 2,934 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 $372,838, $253,400 for condos, and for duplexes is $199,553. The market total for pending sales is 821 for single family, 27 for condo and 14 for duplex with the average list price of $303,571.
Total inventory decreased 5.5 % with 2,934 units listed for sale.
What Does This Data Mean For Buyers?
When combined with higher mortgage rates, today’s home shoppers are paying much to buy a home with a mortgage than they did one year ago.
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?
Overall sales volume was down slightly, average pricing still climbed nine percent. Home buying activity typically comes to a near-standstill in December, when people tend to travel and are busy with holiday celebrations.
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
