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
Memphis-area home sales for December decreased 13.2 % from a year ago, with 1,105 total sales recorded. Average sales price was up 6.2 %, at $262,144.
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.
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?
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 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
