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.
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Memphis Metro Housing Stats
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.
What Does This Data Mean For Sellers?
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