Welcome to this month’s Memphis, Tennessee, real estate market report. It’s late fall already and the real estate market continues to be unpredictable and constantly changing. Let’s find out how the market is for this season.
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Memphis Metro Housing Stats
There were 88 new home sales for November this year in Memphis, a decrease of 6.4% from last year’s 94 new home sales, and the average sale price for new homes increased 11% from one year ago, up from $457,499 to $507,954.
There were 7 bank-owned properties sold with average sales price of $72,225 which increased 40% from last year’s 5 sold properties with average sale price of $187,000.
There is a total of 3,106 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 $372,027, $239,501 for condos, and for duplexes is $196,579. The market total for pending sales is 954 for single family, 32 for condo and 15 for duplex with the average list price of $323,463.
Total inventory increased 1.7 % with 3,106 units listed for sale.
What Does This Data Mean For Buyers?
Buyers sometimes postpone their search until after the busy season to find a motivated seller who has realistically priced the home to sell. Buyers are getting more concessions at closing than they were several months ago.
What Does This Data Mean For Sellers?
Prices rose as sales decreased for November as there was also a slight increase in inventory even though many homeowners think it’s better to wait until the New Year to list. Sellers sense it will be a longer process to sell and are holding off until 2023.
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