Welcome to this month’s Memphis, Tennessee, real estate market report. Memphis real estate market is hot. Homes are selling fast, with fewer listings available and increased competition between homebuyers and investors. This report will get you up to date with the latest home buying and selling activity in Memphis.
Are you ready to sell your home but not sure for what price? Find out what your home may be worth with our free home valuation tool. Simply enter some basic information about your home and we will provide you a comprehensive market summary suggesting a listing price for your home. With today’s climbing home prices it is important to price your home accurately and competitively.
Memphis Metro Housing Stats
Memphis-area home sales decreased 0.2 % in December from a year ago with 1,809 total sales. Sales were up by 5.4% from November, when there were 1,716 total sales. Average sales price from December-to-December was up to 19.3%, at $268,164.
Inventory decreased 7.8%, with 2,165 units listed for sale.
There were 98 new home sales during December in Memphis, this is a year-to-year decrease of 3%, and the average sale price for new homes climbed to 26.9% from one year ago, up from $378,588 to $480,588.
There were 5 bank-owned properties sold for December which is the same as last month. This is a drop of 66.7% compared to the 15 properties sold during December 2020.
The average market time in December was 33 days, up 10% from a month earlier and there were 822 sales of units that were on the market 30 days or less. There is a total of 2,165 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 $333,602, for condos is $269,393, and for duplexes is $111,057.The market total for pending sales is 1,295 for single family, 37 for condo and 11 for duplex with the average list price of $291,938.
The market total for pending sales is 1,438 for single family, 38 for condo and 13 for duplex with the average list price of $277,838.
Total inventory dropped month to month, from 2,105 total listings at the end of January, to 2,165 at the end of December. It was a pretty amazing year, with sales up more than 14%, and sales volume up to almost 27%.
What Does This Data Mean For Buyers?
Even with more homes expected to come to market this season, competition among buyers will remain fierce as there still won’t be enough homes for sale to meet the current demand. That means you’ll need to act quickly when you’re ready to make an offer. If you’re planning on buying a home this winter, more options are welcome news, but it doesn’t mean you should slow down.
If you have questions about buying a home in Memphis, give us a call today, and we can put our knowledge and expertise to work for you!
What Does This Data Mean For Sellers?
A larger share of homeowners are planning to list their houses this winter. So, that means more homes are about to hit the market, which will lead to more choices for buyers too.
Sellers turned solid profits and low interest rates still gave buyers good opportunities. Don’t make the mistake of underpricing your home and leaving money on the table. Find out what your home may be worth with our free home valuation tool. Then give us a call and we can show you how we price homes accurately to sell your home quickly and get you the most money!
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