Welcome to this month’s Memphis, Tennessee, real estate market report. Let’s take a look if sales increased or decreased from last month’s.

Memphis Metro Housing Stats

Memphis-area home sales for May decreased 38.6% from a year ago, with 1,230 total sales recorded. Average sales price was up 3.5%, at $275,709.

There were 66 new home sales for May this year in Memphis, a decrease of 18.5% from last year’s 81 new home sales, and the average sale price for new homes increased 5.9% from one year ago, up from $454,372 to $481,054.

There were 11 bank-owned properties sold, an increase of 266.7% from last year’s 3 units sold. Average sales price increased 172.2% from $46,833 to $127,460.

There is a total of 3,070 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 $376,884, $263,202 for condos, and for duplexes is $207,745. The market total for pending sales is 964 for single family, 36 for condo and 18 for duplex with the average list price of $312,510.

Total inventory increased 3.2%, with 3,070 units listed for sale.

What Does This Data Mean For Buyers?

The inventory reaching 3,000 means there will be more homes available to pick from. Know how far you’re willing to bargain for the ideal house, and be ready to act quickly.

Give us a call today, and we can answer all the questions about buying a single-family home, condo, or duplex in Memphis, Tennessee.

What Does This Data Mean For Sellers?

The fact that home prices are continuing to rise is encouraging.

But the market is slowing.

If you are thinking of selling your home or condo, give us a call at 901-451-2001 to find out how we list and actively market the best features of your home to the most qualified buyers!

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

Memphis Metro Real Estate Market Report - October 2021
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Memphis Metro Real Estate Market Report - October 2021
The average sale price for a single-family in Memphis, Tennessee, at the end of September 2021 was $240,539, a year-to-year increase of 6.6%.
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