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.
Are you looking for a home to buy in Memphis, Tennessee and frustrated by the big popular real estate search sites? Start your search here with our home finder tool to locate homes by price, size, location, and more! Be sure to save your searches and sign up to be notified as soon as new matching properties become available so you don’t miss out!
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.
Whether you are ready to buy or sell a home, condo, or duplex, call us today at and we’ll get you started!
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!
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 $249,100 or less
