Welcome to this month’s Memphis, Tennessee, real estate market report. Last month’s sale made a huge jump. Let’s find out in this report if sales sprung as the season changed.
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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
There were 104 new home sales for March this year in Memphis, an increase of 8.3% from last year’s 96 new home sales, and the average sale price for new homes increased 5.8% from one year ago, up from $482,416 to $510,529.
There were 12 bank-owned properties, an increase of 71.4% from last year’s 7 units sold. Average sales price decreased 73.5% from $255,214 to $67,583.
There is a total of 2,804 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 $357,845, $282,091 for condos, and for duplexes is $185,668. The market total for pending sales is 910 for single family, 22 for condo and 17 for duplex with the average list price of $300,704.
Total inventory increased 1.6%, with 2,804 units listed for sale.
What Does This Data Mean For Buyers?
The point of view of buyers, sellers, and builders has all improved, indicating that everyone is feeling more confident about the home market as we head into the spring.
What Does This Data Mean For Sellers?
Since there is still a shortage of homes on the market, a seller who lists a well-priced, ready-to-move-in house is likely to be successful.
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