Welcome to this month’s Memphis, Tennessee, real estate market report. This report will get you up to date with the latest single family home buying and selling activity in Memphis.
If you are ready to buy a home in Memphis start searching for homes here. Our free search tool will help you find and locate properties by price, size, location, and more! Make sure you save your favorite properties to tour, then, sign up to be notified as soon as new matching properties become available so you don’t miss out. Give The Lumiere Team a call at 901-451-2001 and we can tell how we safely and quickly find great homes for buyers!
If you are thinking of selling your home in Memphis, we can help you get started with that. Selling a home can be complicated but we make the process simple. The first step is to find out what your home is worth. We provide a free home valuation tool for you to get an idea of your property’s worth. Simply answer a few questions about your home, then, we will provide a market summary suggesting a starting list price. It’s quick and easy! Give The Lumiere Team a call at 901-451-2001 we can help get you started!
Memphis Metro Housing Stats
The average sale price for single-family homes in Memphis, Tennessee, at the end of July 2021 was $251,968, up 13.4% from $222,128 at the end of July 2020. For the year the average sale price of single-family homes is $231,010, up 12.7% from $204,919 at this time last year.
There were 2,391 properties sold last month, which is a year-to-year increase of 20.4% from 1,986. There have been 12,750 single-family homes sold in Memphis this year, which is 17.7% ahead of the 10,683 sold by this time last year.
There were 2,300 existing properties sold during July, up 20.9% from 1,903 sold the previous July. Existing home sales in Memphis are up 18.4% from 10,120 at this time one year ago to 11,979 at the end of July 2021.
A total of 91 newly built homes were sold in Memphis during July, a year-to-year increase of 9.6%, and up 5% for the year. There were seven bank-owned properties sold in Memphis last month, down 61% from 18 sold the previous July. For the year bank-owned property sales are down 61% from 225 to 86.
There are 2,375 active single-family home listings for sale in Memphis, Tennessee, 97 condo listings, and 42 duplex listings.
During July 1,606 single-family properties went under contract, 47 condos went pending during this same time, as well as 17 duplex properties.
Foreclosures are down 30% for the month compared to the previous July, and for the year, there have been 159 foreclosures, which is down 53.2% compared to this time last year.
What Does This Data Mean For Buyers?
For buyers looking for a home, condo, or duplex in Memphis, Tennessee the picture going forward remains in line with nationwide trends of rising prices and low inventory levels. However, the Memphis market is mixed in that there is surplus inventory in some price markets, and home prices have not gotten too far ahead of buyers.
As we head into fall buyers who are relocating to Memphis from higher-tax states will find their dollar goes a little farther, and while inventory levels are well below 2019 numbers, inventory is growing each month.
If you are looking to buy a home in Memphis, Tennessee, give The Lumiere Team a call at 901-451-2001, we can answer any questions you may have. We work with buyers to find the perfect home that matches their needs and work on your behalf from submitting a great offer to being there at closing time.
What Does This Data Mean For Sellers?
If you are thinking of selling your home, now is a good time, as the Memphis, Tennessee, real estate market currently favors sellers. Demand for homes continues through this summer buying season, as buyers continue to relocate from high tax locations.
Sellers who may have been waiting to see if current market trends continue will want to go ahead and get their homes listed. Prices are creeping upward and many buyers who are frustrated with the lack of choices are ready to act on new properties.
Give The Lumiere Team a call at 901-451-2001 today and we can show you how we help sellers sell their homes quickly. We understand our market here in Memphis and work with you to create the best marketing strategy and price your home accurately to sell it quickly. Let us put our expertise to work for you to sell your home in Memphis!
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 $251,968 or less