Welcome to this month’s Memphis, Tennessee real estate market report. Are you interested in buying or selling a home in Memphis and want to know what the current market for single-family housing is like? Read this helpful report to get up to date.
If you are looking for a single-family home in Memphis and are tired of searching hundreds of different sites, start your search here! Our search tool lets you find all types of homes by price, size, location, and more. As you find properties to tour, make sure you save your favorites, then, sign up to be notified as soon as new matching properties become available. Don’t miss out!
If you are needing to sell your home or investment property we can get you started! First, find out what your property may be worth with our free home valuation tool. To get started simply enter some basic information about your property and we will provide you a comprehensive market summary of your home’s selling potential. Don’t hesitate to give us a call, we are happy to answer any questions you have. 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 June 2021 was $251,890, a year-to-year increase of 12.8%. For the year so far the average sale price for single-family homes is $225,979, up 12.4% from $200,984 at the end of the previous June.
There were 1,851 properties sold during June, also an increase from last year of 12.4%, sold properties increased month to month from 1,618 at the end of May. So far the total number of homes sold in Memphis is 10,172, 17% ahead of the 8,697 that were sold by this time last year.
Of the 1,851 properties sold last month, 1,762 of these were existing homes sold, selling for an average price of $245,427, an increase of 15.3% from $212,819.
There were just 89 new homes sold during June, new homes sold for an average of $379,840, a year-to-year decrease in price from $382,736.
There were only 12 bank-owned properties sold during June, a year to year from 20 the previous June. Bank-owned properties sold for an average of $62,387, a year-to-year drop of 20.9% from $78,878.
There were 1,639 pending sales of single-family homes in Memphis at the end of June, these pending sales were bought for an average list price of $280,033. There were 35 condo sales pending at the end of June, for an average list price of $186,577, and there were 13 duplexes under contract during this same time for an average list price of $125,946.
At the end of last month, there were 2,083 single-family units listed for sale at an average list price of $328,677. There were 119 condo units listed at an average price of $215,486, and 40 duplexes with an average list price of $165,362 were available to buyers at the end of June.
Inventory levels still remain low as there was only a month-to-month increase of just 40 new properties to hit the market.
What Does This Data Mean For Buyers?
Buyers looking for homes or condos in Memphis will find that prices have not become too high, the average sale price for single-family homes in Memphis is below the national average. As buyers look for a home, keep in mind that prices are creeping higher and inventory levels are still very low.
Buyers should have financing in place and be ready to act when a property is found. Give us a call today and we can answer all the questions you have about buying a single-family home, condo, or duplex in Memphis, Tennessee.
What Does This Data Mean For Sellers?
The Memphis real estate market currently favors sellers. As the summer buying season picks up, restrictions ease, and buyers who may have been waiting to start to search for homes now is a good time to get your property listed.
Low-interest rates continue to attract home buyers and as Memphis remains an attractive destination seller in some price points can expect their home to sell quickly. 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!
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 $251,890 or less
