Welcome to this month’s Memphis, Tennessee, real estate market report. Experts in the housing industry keep a close eye on the economy as we begin the year 2023 because, among other things, fears of a recession, high inflation, and steep interest rates continue to pull it in different directions. Let’s find out how the market is as the year starts.
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Memphis Metro Housing Stats
Memphis-area home sales for January decreased 25.1% from a year ago, with 1,002 total sales recorded. Average sales price was down 9.1%, at $224,451.
There were 45 new home sales for December this year in Memphis, a decrease of 23.7% from last year’s 59 new home sales, and the average sale price for new homes increased 3.5% from one year ago, up from $482,990 to $499,697.
There were 5 bank-owned properties sold the same as last year but with average sales price of $139,160. A decreased of 41.8% from last year’s price of $239,100.
There is a total of 2,690 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 $369,888, $266,003 for condos, and for duplexes is $190,587. The market total for pending sales is 715 for single family, 14 for condo and 15 for duplex with the average list price of $310,708.
Total inventory decreased 8.3% with 2,690 units listed for sale.
What Does This Data Mean For Buyers?
Home prices are reduced to stay longer on the market but make sure to check any major repairs needed as it might be concealed.
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?
Every January is a slow month, and this one was no exception. Starting the year with lower sales. Good opportunities are still available, though.
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 . 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
