Welcome to this month’s Memphis, Tennessee, real estate market report. Let’s explore the situation and ascertain whether there’s been an increase or decrease in home sales.

Memphis Metro Housing Stats

Memphis-area home sales for February increased 13.6 %  from a year ago, with 1,103 total sales recorded. Average sales price was up 1 %, at $242,400.

There were 44 new home sales for February this year in Memphis, a decrease of 32.3% from last year’s 65 new home sales, and the average sale price for new homes increased 15.2% from one year ago, up from $436,130 to $502,608.

There were 10 bank-owned properties sold. Average sales price decreased 30.1% from $155,369 to $108,607.

There is a total of 3,072 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 $386,828, $290,420 for condos, and for duplexes is $186,789. The market total for pending sales is 1,584 for single family, 76 for condo and 25 for duplex with the average list price of $329,663.

Total inventory decreased 7.4%, with 3,072 units listed for sale.

What Does This Data Mean For Buyers?

The year-to-date increase in total home sales indicates a more active market. This uptick suggests heightened competition among buyers for available properties and potentially fewer options to choose from. As more homes are sold, buyers may encounter scenarios with multiple offers on desirable properties, leading to increased pressure and potentially higher prices.

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?

The rise in total home sales so far this year indicates a positive market environment. With a greater number of homes being purchased, sellers could see heightened interest in their properties, possibly resulting in faster sales and higher prices. This increase in sales activity reflects a market where buyers are actively searching for homes, potentially expanding the pool of interested buyers for sellers’ properties.

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!

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

Memphis Metro Real Estate Market Report - October 2021
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Memphis Metro Real Estate Market Report - October 2021
The average sale price for a single-family in Memphis, Tennessee, at the end of September 2021 was $240,539, a year-to-year increase of 6.6%.
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