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.

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?

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

Memphis Metro Real Estate Market Report - October 2021
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Memphis Metro Real Estate Market Report - October 2021
The average sale price for a single-family in Memphis, Tennessee, at the end of September 2021 was $240,539, a year-to-year increase of 6.6%.
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