Welcome to this month’s Memphis, Tennessee, real estate market report. What is the housing market like in Memphis? Are housing prices rising or falling? Is now a good time to buy or sell a home in Memphis right now? Find out the answer to these questions and more with this helpful report.
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 November increased at 1.1 % from a year ago, with 1,716 total sales recorded. Sales were down by 11% from October, when there were 1,929 total sales. Average sales price from November-to-November was up to 16.3%, at $252,938. Even with the market slowing a bit during the holidays, like it always does, the numbers are still strong.
There were 81 new home sales during November in Memphis, this is a year-to-year increase of 9.5%, and the average sale price for new homes climbed to 4.9% from one year ago, up from $437,579 to $458,929.
A total of 5 bank-owned properties were sold in Memphis this month, a drop of 54.5% from 11 when compared to November last year.
The average market time in November was 30 days, same as a month earlier. There were 835 sales of units that were on the market 30 days or less. There is a total of 2,348 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 $333,602, the average list price for condos is $269,393, and the average list price for duplexes is $111,057. The market total for pending sales is 1,438 for single family, 38 for condo and 13 for duplex with the average list price of $277,838.
Total inventory dropped month to month, from 2,384 total listings at the end of October, to 2,348 at the end of November. There were 1,990 listings available at the beginning of March 2021, and since then inventory levels have slowly climbed.
What Does This Data Mean For Buyers?
The city’s affordable housing, entertainment venues, amenities, and cultural attractions also make the local real estate market a competitive one. It’s still possible to find the perfect home as you craft the best possible offer.
Give us a call today and we can answer all the questions you have about buying a single-family home, condo, or duplex in Memphis, Tennessee.
What Does This Data Mean For Sellers?
Home sales slowed but prices remained high. If a house comes on the market and it’s correctly priced, the seller gets multiple offers, and that may even drive the price up above the list price.
For sellers of homes in today’s dynamic and fast-moving market, pricing your home correctly is extremely important. Don’t make the mistake of underpricing your home and leaving money on the table. 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