Welcome to this month’s Memphis, Tennessee, real estate market report. Let’s delve into the dynamics to see whether home sales experienced an ascent or a decline.
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Memphis Metro Housing Stats
Memphis-area home sales for November increased 1.8 % from a year ago, with 1,230 total sales recorded. Average sales price was down 9.5 %, at $248,657.
There were 54 new home sales for November this year in Memphis, a decrease of 42.6% from last year’s 94 new home sales, and the average sale price for new homes decreased 12.2% from one year ago, down from $518,324 to $455,097.
There were 10 bank-owned properties sold. Average sales price increased 34.1% from $72,225 to $96,850.
There is a total of 3,550 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 $365,767, $277,843 for condos, and for duplexes is $208,537. The market total for pending sales is 723 for single family, 50 for condo and 15 for duplex with the average list price of $311,387.
Total inventory decreased 3.2%, with 3,550 units listed for sale.
What Does This Data Mean For Buyers?
See a significant increase in house sales that exceeds the numbers from 2022. Simultaneously, note a little decline in inventories, which fits in well with expected market movements. Use these persuasive indications to stay up to date on the real estate market’s ongoing changes.
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?
The numbers show moderate adjustments in sale prices, offering valuable insights into the evolving dynamics of the real estate market.
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
