Welcome to this month’s Memphis, Tennessee, real estate market report. Sales in Memphis market fell once more last month at the start of 2023. Let’s find out in this report if sales remained down or it went up.
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Memphis Metro Housing Stats
Memphis-area home sales for February decreased 28.9% from a year ago, with 917 total sales recorded. Average sales price was up 3%, at $240,507.
There were 54 new home sales for December this year in Memphis, a decrease of 5.3% from last year’s 57 new home sales, and the average sale price for new homes increased 22.8% from one year ago, up from $422,542 to $518,900.
There were 13 bank-owned properties, an increase of 225% from last year’s 4 units sold. Average sales price increased 33.7% from $116,225 to $155,369.
There is a total of 2,760 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 $364,327, $266,880 for condos, and for duplexes is $196,152. The market total for pending sales is 852 for single family, 24 for condo and 21 for duplex with the average list price of $310,095.
Total inventory decreased 2.6% with 2,760 units listed for sale.
What Does This Data Mean For Buyers?
Inventory went up from last month meaning more choices are available for buyers that can also give an advantage in price negotiations.
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?
In comparison to February 2022, the average sales price increased. But there were more homes for sale than there are buyers in the marketplace.
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 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!
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