Welcome to this month’s Memphis, Tennessee, real estate market report. Are sales volume ahead this time? Will home sales bounce back despite inflation? Read this helpful report to find out. Read this helpful report to find out.
Are you ready to buy a home in Memphis? Start your search here with our home finder tool to locate homes by price, size, location, and more! As you save your favorite homes you want to tour, make sure to sign up to be notified as soon as new matching properties become available so you don’t miss out!
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
Memphis-area home sales for May increased by 2.3 % from a year ago, with 1,997 total sales recorded. Average sales price from May-to-May was up by 10.8 %, at $265,797. Year-to-Date sales volume increased by 11.4 %, at $2.05 billion.
There were 70 new home sales during May this year in Memphis, this is a year-to-year decrease of 30.7%, and the average sale price for new homes climbed 19.4% from one year ago, up from $379,783 to $453,417.
There were 3 bank-owned properties sold, a drop of 57.1% when compared to the 7 sold during May 2021. Average sales price went down 29.4% from $66,333 to $46,833.
There is a total of 2,191 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 $359,563, $195,510 for condos, and for duplexes is $262,122. The market total for pending sales is 1,477 for single family, 50 for condo and 34 for duplex with the average list price of $315,381.
Total inventory increased from 2,016 at the end of April to 2,191 at the end of May. May had more sales than a year ago despite rising prices in the grocery store and at the pump.
What Does This Data Mean For Buyers?
The imbalance between supply and demand helps to keep prices high. Outside cash buyers are swooping in, but area realtors said sellers can help by resisting those deals and instead help local, first-time home buyers.
While spring and summer usually brings out more ‘For Sale’ signs, realtors aren’t sure it’s enough to fix the problem of people being outbid by outside investors. 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?
Since last year, Memphis has remained a Seller’s Market. Prices tend to be higher and homes sell faster. Signaling a healthy market as we move into summer.
Investors are scooping up homes to turn into rental properties, lured by the affordable home prices and high percentage of renters in Memphis. 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 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