Welcome to this month’s Memphis, Tennessee, real estate market report. Will it be a good news for sales and inventory? 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
Memphis-area home sales for June increased 6.8 % from a year ago, with 2,006 total sales recorded. Average sales price was up by 13.5 %, at $286,103. Year-to-Date sales volume increased 13.9 %, at $2.63 billion.
There were 84 new home sales for June this year in Memphis, this is a year-to-year decrease of 14.3%, and the average sale price for new homes climbed 18.2% from one year ago, up from $382,951 to $452,755.
There were 8 bank-owned properties sold, a drop of 33.3% when compared to the 12 sold during June 2021. Average sales price went up 80.9% from $62,388 to $112,862.
There is a total of 2,245 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 $372,705, $168,528 for condos, and for duplexes is $268,419. The market total for pending sales is 1,419 for single family, 36 for condo and 27 for duplex with the average list price of $315,326.
Total inventory increased from 2,191 at the end of May to 2,390 at the end of June. The sales from June last year was good and they were even better for 2022.
What Does This Data Mean For Buyers?
Since inventory took another jump, buyers will have more selection but some homes get multiple offers. While more than 248 listings in Memphis, TN in June 2022. There were more than 132 listings sold at asking price, and more than 186 were sold below.
If you have questions about buying a home in Memphis, give us a call today, and we can put our knowledge and expertise to work for you!
What Does This Data Mean For Sellers?
The number of homes for sale in Memphis, TN increased by 10.4% between May 2022 and June 2022. Listing prices have changed in this real estate market between May 2022 and June 2022. Hot homes can sell for about 6% above list price and go pending in around 8 days.
Find out what your home or condo may be worth with our free home valuation tool. Then give us a call and we can show you how we price homes accurately to sell your home quickly and get you the most money!
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