Welcome to this month’s Memphis, Tennessee, real estate market report. Let’s explore the situation and figure out if home sales have increased or decreased.
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Memphis Metro Housing Stats
There were 63 new home sales for December this year in Memphis, a decrease of 35.1% from last year’s 97 new home sales, and the average sale price for new homes decreased 2% from one year ago, down from $465,928 to $456,487.
There were 6 bank-owned properties sold. Average sales price increased 45.9% from $76,374 to $111,438.
There is a total of 3,218 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 $364,911, $274,599 for condos, and for duplexes is $198,746. The market total for pending sales is 610 for single family, 45 for condo and 12 for duplex with the average list price of $301,266.
Total inventory decreased 9.3%, with 3,218 units listed for sale.
What Does This Data Mean For Buyers?
The 1% year-over-year rise in average sales prices hints at a potentially slower 2023 market, offering buyers a landscape that may foster thoughtful decision-making and increased negotiating leverage.
What Does This Data Mean For Sellers?
Despite a potential slowdown in 2023, sellers can remain optimistic with a 1% year-over-year increase in average sales prices. Strategic pricing and effective marketing will be key to seizing opportunities in this market.
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