Welcome to this month’s Memphis, Tennessee, real estate market report. Is it a good month for the market? 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.
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Memphis Metro Housing Stats
Memphis-area home sales for March increased by 5.4 % from a year ago, with 1,882 total sales recorded. Sales were up by 47.8 % from February, when there were 1,274 total sales. Average sales price from March-to-March was up 15.2 %, at $254,432. Inventory decreased to 0.8%, with 1,898 units listed for sale.
There were 95 new home sales during March this year in Memphis, this is a year-to-year decrease of 12%, and the average sale price for new homes climbed to 20.3% from one year ago, up from $405,677 to $487,950.
There were 7 bank-owned properties sold last month, a drop of 70.8% when compared to the 24 sold during March 2021. Average sales price went up to 84.3% from $138,457 to $255,214.
There is a total of 1,898 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 $344,263, $199,955 for condos, and for duplexes is $204,395. The market total for pending sales is 1,439 for single family, 36 for condo and 32 for duplex with the average list price of $292,922.
Total inventory decreased from 1,914 at the end of February to 1,898 at the end of March. There’s a big jump from February sales to March sales. The spring selling season is progressing well.
What Does This Data Mean For Buyers?
If you’re a buyer who has been frustrated with the limited supply of homes available for sale, it looks like you could find some relief this spring. However, be prepared to act quickly to find the right home.
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 is a seller’s market in March 2022, which means that there are more people looking to buy, than there are homes available.
Listing now instead of waiting for additional competition to hit the market makes sense. Your leverage in any negotiation during the sale will be impacted as additional homes come to market. Don’t make the mistake of underpricing your home and leaving money on the table. Find out what your home 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 . 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!
See Additional Reports on the Memphis Real Estate Market
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
