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Memphis Metro Housing Stats
Memphis-area home sales for May increased 1.6% from a year ago, with 1,435 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database.
Sales were up 26.8% from April, when there were 1,132 total sales. Average sales price from May-to-May decreased 4.4%, at $273,685. Inventory increased 4.8%, with 4,231 units listed for sale. May average DOM was 48. Sales volume YTD decreased 8.5%, to $1.5 billion.
There is a total of 4,232 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 $424,413, $254,813 for condos, and for duplexes is $185,578. The market total for pending sales is 1,549 for single family, 54 for condo and 29 for duplex with the average list price of $362,414.
See full report here.
What Does This Data Mean For Buyers?
The year-to-date decrease in total home sales along with an increase in available inventory indicates a more stable market. This suggests healthy competition among sellers of available properties and more opportunity for buyers during negotiations.
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 decrease in total home sales so far this year indicates a more stable market environment. With a decreased number of homes being purchased, along with an increased number of homes for sale, sellers could see buyers that are choosing wisely and asking for concessions during negotiations.
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!
If you need to buy or sell a home here in Memphis, give us a call today at . 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!
See Additional Reports on the Memphis Real Estate Market
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 $255,511 or less
