Memphis Metro Real Estate Market Report – February 2021

If you are ready to buy, read this report, then, begin your home search here by finding properties by price, size, location, and more! Be sure to save your favorites to tour. Next, sign up to be notified as soon as new matching homes become available, you don’t want to miss out.

If you are thinking of selling your home in Memphis, the first step is to price your home accurately. After reading this report, you can find out what your home might be worth by using our free home valuation tool. Get started by entering some basic information about your home, after you submit that, we will provide you a competitive summary of what your home might sell for in the Memphis metro area.

Get started today! Give the Lumiere Team a call at 901-451-2001.

The average sale price for single-family homes in Memphis, Tennessee, was $200,278 at the end of February 2021, a 10.3% year-to-year increase from $181,631. The year-to-date average sale price is slightly higher than the monthly average, up 13% from this time last year to $202,878.

There were a total of 1,225 properties sold during February, a 5.2% drop compared to the previous February. Year-to-date properties sold are up 3.6% to 2,741.

Existing home sales accounted for 1,180 units closed during February, down 3.9% from the previous February. Existing homes sold for an average price of $193,335, a 13.5% year-to-year increase.

There were only 45 new homes sold in Memphis during February 2021, a 29.7% drop from 64 sold one year ago. Year-to-date new home sales are down 23.9% from 134 to 102 at the end of February.

New home sale prices averaged $382,346 during this time, a 4.1% decrease from $398,775 at this time one year ago. The year-to-date average sale price for new homes is $392,395, down 0.6% from this time last year.

During February in Memphis, there were only 12 bank-owned properties sold, a 70% drop from 40 sold the previous February. Bank-owned properties sold for an average of $111,471, a year-to-year increase of 32.2% from $84,294.

Overall single-family home inventory continues to decline in Memphis. The total number of listings available has dropped from 2,105 at the end of January to 1,976 at the end of February.

Just Listed Homes in Memphis

Buyers should take advantage of their buying power now as prices continue to rise and are more than likely to as inventory levels remain low. Buyers should have financing in place and be ready to act as soon as a property is found.

We help all types of buyers, whether it is a home, condo, or investment property, we work for you to make sure your bid stands out and have a smooth contract-to-close experience. Get started today! Give the Lumiere Team a call at 901-451-2001.

What Credit Score Is Needed When Purchasing A Home?

Memphis, Tennessee, is currently in a seller’s market, low inventory and rising prices. Sellers of homes should expect to see lots of demand as we head into the spring buying season. Shifting preferences of buyers to homes and less restrictive states will continue to push prices higher.

Sellers should have their homes priced competitively and the best features of their homes marketed to the most qualified of buyers. Get started today! Give the Lumiere Team a call at 901-451-2001 to learn how we help homeowners sell their property quickly here in Memphis, Tennessee!

How to Buy a House When Selling Another

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 $200,278 or less.