Welcome to this month’s Memphis, Tennessee, real estate market report. How have home sales and sale prices behaved over the last month? Are home prices higher this year than one year ago? Let’s find out on this report.
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 for February increased at 3.8% from a year ago, with 1,274 total sales recorded. Sales were down by 3.6% from January, when there were 1,322 total sales. Average sales price from February-to-February was up to 15.5% at $232,197. Inventory increased by 1.7% with 1,914 units listed
for sale. Year-to-Date sales volume increased by 11.5% at $622.7 million.
There were 52 new home sales during February this year in Memphis, which is a year-to-year increase of 2%. The average sale price for new homes climbed to 6.6% from one year ago from $387,225 to $412,636.
There were 4 bank-owned properties sold for February, a drop of 66.7% compared to the 12 sold during February 2021. Average sales price went up to 4.3% from $111,471 to $116,225.
There is a total of 1,914 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 $326,961, $221,727 for condos, and for duplexes is $194,061.
There were 634 sales of units that were on the market 30 days or less and the average market time in February was 35 days, up by 6.1% from a month earlier. It was a better February than a year ago where inventory made a small upward move, and should continue to rise in the coming months. Total inventory was a bit higher from 1,882 total listings at the end of January to 1,914 at the end of February.
What Does This Data Mean For Buyers?
Look at past home value trends. This will give you an idea of how much your home’s value could go up over the next few years. You want to choose a neighborhood that’s in your budget, but could also lead to a big return when you decide to sell.
Sometimes buyers have to compete several times before getting the house they want. Buyers have to be patient and get a realtor they trust. 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?
Memphis has been one of the five fastest housing markets in the country and we expect that to continue. Home sales are up, though, in comparison to last year, this is what we would consider to be a seller’s market.
It’s a great time to sell. Pricing your home correctly is extremely important. 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