Welcome to this month’s Memphis, Tennessee, real estate market report. Are you ready to buy or sell a home in Memphis and are curious about what the real estate market for single family homes is like? Read this helpful report to get caught up, then give us a call so we can answer all your questions!
If you are ready to buy a home today start your search here! Find homes for sale in the Memphis area by price, size, location, and more! Be sure to save your favorite properties to tour, then, sign up to be notified as soon as new matching properties become available so you don’t miss out.
For those of you who live in the Memphis metro area and are ready to sell your home but not sure at what price to put it on the market for in today’s climate of rising prices, take advantage of our free home valuation tool. Simply enter some basic information about your property and we will provide you with a competitive market summary of what your home may sell for. Give us a call at 901-451-2001 we can help get you started!
Memphis Metro Housing Stats
The average sale price for single-family homes in Memphis ended the month of May 2021 at $204,194, a year-to-year increase of 16.7% from $205,765. The year-to-date sale price for homes in Memphis is $220,474, an increase of 12.6% from $195,784 at this time last year.
There were 1,947 properties sold in May, an increase of 42.4% from the 1,367 sold the previous May. For the year there have been 8,316 properties sold, ahead of last year’s pace of 7,048 sold by the end of May.
The average sale price for new homes in Memphis ended the month of May at $382,510, a year-to-year decrease of 1.3% from $387,549. There were 93 new home sales during May, an increase of 55% from 60 the previous May. For the year there have been 398 new homes sold, up 5.3% compared to one year ago.
Existing home sales made up for 1,854 of the units sold last month, an increase of 41.9% from one year ago, and the average sale price for an existing home is $233,056, a year to year increase of 18.1%.
There were only seven bank-owned sales during the month of May in Memphis, a year-to-year drop off 75% from 29 the previous May. For the year, the number of bank-owned properties sold is less than the previous year, down 64.2% from 187 to 67.
There was a slight month-to-month increase in inventory of homes for sale in Memphis, there are 2,202 active listings, an increase from 2,048 during April. The total amount of inventory available to buyers started the year at 2,105, and well below the 3,360 units of inventory available to buyers at the beginning of January 2021.
What Does This Data Mean For Buyers?
For buyers looking for a property in this competitive market, there is a bright spot. Inventory has risen slightly from last month and home prices are still affordable. As the summer buying season progresses, buyers should be aware time is not on their side and be prepared to act when a property is found.
If you are looking to buy a home in Memphis, Tennessee, give us a call today at 901-451-2001 and we can answer all your home buying questions. We have the experience and knowledge to find you the perfect home and submit an offer that puts you ahead of the competition.
What Does This Data Mean For Sellers?
If you have been on the fence about selling your property now is a good time to take advantage of the demand and get your home listed today! As interest rates remain low and Memphis remains an attractive destination for buyers, sellers can expect to see their homes sell quickly.
If you are thinking of selling your home but not sure where to begin pricing it, give us a call today at 901-451-2001call and we can help. We understand how to navigate a competitive market and we make sure to price your home accurately and competitively.
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 $204,194 or less