Welcome to this month’s Memphis, Tennessee, real estate market report. Let’s take a look if there are more sales from this month.

Memphis Metro Housing Stats

Memphis-area home sales for June decreased 12.6% from a year ago, with 1,762 total sales recorded. Average sales price was up 0.6%, at $289,309.

There were 90 new home sales for June this year in Memphis, a decrease of 3.2% from last year’s 93 new home sales, and the average sale price for new homes increased 6.4% from one year ago, up from $464,396 to $494,335.

There were 13 bank-owned properties sold, an increase of 62.5% from last year’s 8 units sold. Average sales price increased 55.1% from $112,862 to $175,010.

There is a total of 3,192 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 $379,694, $247,660 for condos, and for duplexes is $191,792. The market total for pending sales is 900 for single family, 35 for condo and 19 for duplex with the average list price of $333,137.

Total inventory increased 4%, with 3,192 units listed for sale.

What Does This Data Mean For Buyers?

More people are choosing to enter the market as inventory increased once more.

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?

Sales in June increased significantly from May. The Memphis-area market appears to have potential, despite the fact that sales were down from a year earlier.

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 $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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