Welcome to this month’s Memphis, Tennessee, real estate market report. Are you wondering how much it costs to own a house in Memphis? Do you own a property in Memphis and are wondering if this is a good time to sell? Read this helpful report to find out.
If you are ready to buy a home in Memphis, Tennessee, start your search here by finding properties by price, size, location, and more. Be sure to save your searches and sign up to be notified as soon as new matching homes become available. Give us a call today to find out how we help buyers find the perfect home or investment property! Don’t miss out.
Are you ready to sell your home in Memphis but not sure how to get started? Begin by finding out how much your home is worth using our free home valuation tool. Simply answer a few questions about your property and we will provide you with a competitive market summary to price your home. Don’t hesitate, the summer buying season is about to begin!
Memphis Metro Housing Stats
The average sale price for single-family homes in Memphis, Tennessee, ended March 2021 at $219,487, a 12% year-to-year increase from $194,817. Consistent demand over the last 12 months has driven prices higher.
There were more homes sold in Memphis during the month of March 2020, 1,774, than the previous March, 1,572, an increase of 12.8%.
There were a total of 1,677 existing homes sold during March for an average of $209,041, existing home sale prices are 14.8% higher than the previous March.
There were only 97 new homes sold in Memphis in March, for an average sale price of $400,098, an increase of 3.8% from $385,621 from the previous March.
March sales for bank-owned properties fell 39.5% year to year, from 38 to 23. The average sale price for bank-owned properties in Memphis ended March 2021 at $140,907, up from $70,913.
In Memphis during the month of March, there were 1,295 single-family homes that went pending for an average list price of $256,944, there were 42 condos that went pending for an average list price of $161,078, and there were 12 duplex units that went under contract for an average list price of $88,300.
There are a total of 1,990 active listings in the Memphis area; 1,840 single-family units, 106 condo units, and 44 duplex units. The number of active listings has increased slightly from last month and is up from 1,976 active listings at the end of February.
What Does This Data Mean For Buyers?
If you are planning to buy a home in Memphis, Tennessee, be ready to act assertively when a property is found. As prices are on the increase buyers have more leverage now than they will in three or six months.
Buyers should have financing in place and be ready to act when a property is found. Buyers may need to adjust their feature preferences as low inventory and the spring buying season will create a competitive buying market.
Buyers should have a great agent on their side who has the experience and knowledge to find you your perfect home. Get started today! Give the Lumiere Team a call at 901-451-2001 to find out how we help buyers acquire a property quickly!
What Does This Data Mean For Sellers?
The Memphis real estate market currently favors sellers. Declining inventory and low interest rates have put upward pressure on home prices. As the spring buying season begins, sellers should act now and get their property listed today to get it sold quickly.
Give us a call today to find out how we help sellers price their home accurately, competitively, and market it to the most qualified buyers. If you are thinking of selling your home, give the Lumiere Team a call at 901-451-2001 we can show you how we do it!
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 $219,487 or less
