Welcome to this month’s Memphis, Tennessee, real estate market report. Let’s take a look if home sales dropped or rose.
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Memphis Metro Housing Stats
Memphis-area home sales for July decreased 37.2% from a year ago, with 1,260 total sales recorded. Average sales price was up 10%, at $295,842.
There were 64 new home sales for July this year in Memphis, a decrease of 30.4% from last year’s 92 new home sales, and the average sale price for new homes increased 2.6% from one year ago, up from $480,918 to $493,419.
There were 8 bank-owned properties sold, same as last year’s. Average sales price increased127.6% from $92,536 to $210,574.
There is a total of 3,445 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 $370,453, $259,309 for condos, and for duplexes is $185,804. The market total for pending sales is 924 for single family, 40 for condo and 22 for duplex with the average list price of $319,107.
Total inventory increased 7.9%, with 3,445 units listed for sale.
What Does This Data Mean For Buyers?
Sales price increased as inventory did. It’s crucial for buyers and sellers to stay up to date on these trends as the market changes, and should closely with knowledgeable real estate agents and brokers.
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?
Memphis’ market is still experiencing changes in sales and pricing as the summer heats up. Things slowed down once more after a significant increase in sales from May to June of 43.3%. Interest rates are affecting things. Sellers should keep an eye on market trends, and seek professional advice to realize their real estate objectives.
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
