Welcome to this month’s Memphis, Tennessee, real estate market report. Temperature is rising, what about the inventory and sales? Read this helpful report to find out.
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Are you ready to sell your home but not sure for what price? Find out what your home may be worth with our free home valuation tool. Simply enter some basic information about your home and we will provide you a comprehensive market summary suggesting a listing price for your home. With today’s climbing home prices it is important to price your home accurately and competitively.
Memphis Metro Housing Stats
There were 74 new home sales for July this year in Memphis, this is a year-to-year decrease of 14.3%, and the average sale price for new homes climbed 21.6% from one year ago, up from $399,070 to $485,191.
There were 8 bank-owned properties sold, an increase of 33.3% when compared to the 6 sold during July 2021. Average sales price went up 19.4% from $77,500 to $92,536.
There is a total of 2,839 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 $374,743, $190,027 for condos, and for duplexes is $249,596. The market total for pending sales is 1,340 for single family, 51 for condo and 25 for duplex with the average list price of $301,971.
Total inventory increased from 2,380 at the end of June to 2,839 at the end of July.
What Does This Data Mean For Buyers?
Since inventory is rising again, buyers will have more opportunities to choose from available properties. Volume of 1 bedroom homes went down by 7.1%, 2 bedrooms homes became 4.5% more available, number of 3 bedrooms homes increased by 3.9%, number of 4 bedrooms homes increased by 9.6%, number of 5 bedrooms homes decreased by 3.1%.
What Does This Data Mean For Sellers?
Real estate listing prices increased between June 2022 and July 2022. Of all the listings sold in Memphis, TN were more than 196 sold above asking price over 192 sold below and more than 129 were sold right at the listed price.
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!
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