Welcome to this month’s Memphis, Tennessee metro area real estate market report. Are you planning to buy or sell a home or investment property soon? Are you interested in knowing if home prices are going up or how much inventory is available? This report will get you up to date!
Are you ready to buy a home or investment property soon? Begin your search here! Find available properties by price, size, location, and more! Be sure to save your searches and sign up to be notified as soon as new listings hit the market.
Are you planning to sell your home and not sure where to start? Begin by finding out the market value of your home using our free home valuation tool to get an idea of your home’s worth. Answer a few questions about your home and we will provide you a market summary of your home’s value.
Memphis Metro Housing Stats
The average sale price for single-family homes in the Memphis, Tennessee metro area ended November 2020 at $217,080, up 10.0% from $196,044 the previous November.
There were a total of 1,690 properties sold during November 2020, a 24% increase from the 1,271 sold during November 2019. Year to date total number of properties is down 0.7% from 17,965 in 2019 to 17,847 in 2020.
There were 64 new single-family home sales in Memphis during November, a sharp decrease of 28.9% from the 90 sold during the previous November.
The slowdown in new home sales is due to Covid disruptions, year to date new home sales for 2020 outpace last year’s number, up from 860 to 863.
New single-family homes sold for an average of $456,745, a year to year increase of 15.2% from $396,622.
There were only 11 bank sales of single-family homes during November, a decline of 69.4% from 36 the previous November. Bank owned sale prices of single-family homes averaged $122,541 for the month, a 3.1% increase from $118,873 one year ago.
There are a total of 2,644 active listings in the Memphis metro area at the end of November. The majority, 2,461 are single-family homes, 131 are condos, and 52 are duplex properties.
Inventory has shrunk year to year, dropping from 4,012 at the end of November 2019 to 2,644 at the end of November 2020. Inventory levels have declined each month since the beginning of 2020.
What Does This Data Mean For Buyers?
While interest rates remain attractive, buyer preferences for single-family homes in Memphis has created more demand for fewer homes available. Inventory continues to be tight in all price markets. Buyers should be assertive and ready to act when a property is found.
What Does This Data Mean For Sellers?
Demand for single-family homes in Memphis continues as interest rates remain low and buyer preferences shift towards traditional housing. Sellers should use the opportunity to list and sell their home before the spring buying season to maximize sale potential.
Give us a call today to get your home listed and marketed to the most qualified buyers. We use our knowledge to show off the most in-demand features of your home, show it to potential buyers safely, and work to get you the most amount of money.
Memphis Homes for Sale
Here are the most recent home listings just added to the database in the median sale price range for Memphis – all homes here are priced at $217,080 or less.