Welcome to this month’s Memphis, Tennessee, real estate market report. Let’s delve into the scenario and determine whether there has been an uptick or downturn in home sales.
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Memphis Metro Housing Stats
Memphis-area home sales for January increased 21.3 % from a year ago, with 1,231 total sales recorded. Average sales price was down 3.4 %, at $218,369.
There were 56 new home sales for January this year in Memphis, a increase of 7.7% from last year’s 52 new home sales, and the average sale price for new homes increased 5.8% from one year ago, up from $495,493 to $524,169.
There were 13 bank-owned properties sold. Average sales price increased 2.6% from $139,160 to $142,739.
There is a total of 3,319 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 $371,116, $266,921 for condos, and for duplexes is $205,820. The market total for pending sales is 668 for single family, 40 for condo and 11 for duplex with the average list price of $315,261.
Total inventory increased 3.1%, with 3,319 units listed for sale.
What Does This Data Mean For Buyers?
January’s robust 21% surge in sales indicates a market characterized by heightened competition and dynamic landscape, necessitating swift action from both buyers and sellers to navigate effectively. With increased competition, buyers may need to act decisively to secure properties.
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?
January’s 21% increase in sales indicates a flourishing market, providing favorable conditions for swift transactions and potentially advantageous sale prices. With such positive momentum, sellers may find themselves in a position to capitalize on market demand.
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
