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.

Memphis Metro Housing Stats

Memphis-area home sales for November decreased 30.2% from a year ago, with 1,202 total sales recorded. Average sales price was up 7.4%, at $272,818.

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.

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?

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 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!

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

Memphis Metro Real Estate Market Report - October 2021
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Memphis Metro Real Estate Market Report - October 2021
The average sale price for a single-family in Memphis, Tennessee, at the end of September 2021 was $240,539, a year-to-year increase of 6.6%.
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