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 buy a home in Memphis? Start your search here with our home finder tool to locate homes by price, size, location, and more! As you save your favorite homes you want to tour, make sure to 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.
Memphis Metro Housing Stats
The average sale price for single-family homes in Memphis, Tennessee, at the end of October 2021 was $249,100, a year-to-year increase of 3%. Compared to this same time last year, the average sale price for single-family homes is $236,654, up 10.9% from $213,426.
There was a total of 1,929 homes sold last month, an increase of 5.1% compared to the previous October. There have been more homes sold so far during 2021, there have been 18,714 single-family homes sold, which is up 15.6% from 16,184 sold at this time last year.
There were 70 new home sales during October in Memphis, this is a year-to-year drop of 15.7%, and the average sale price for new homes climbed 14.4% from one year ago, up from $397,453 to $454,570. For the year so far there have been 832 new single-family homes sold in Memphis, up 2.8% from 802 one year ago.
There is a total of 2,384 listings available to buyers in Memphis, this includes condo and duplex properties for sale also. At the end of October, the average list price for single-family homes is $333,856, the average list price for condos is $251,632, and the average list price for duplexes is $129,176.
Total inventory dropped month to month, falling from 2,529 total listings at the end of September, to 2,384 at the end of October. While inventory levels dropped month to month, at the end of October inventory is still higher than at the beginning of 2021. 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?
Buyers looking for homes in Memphis can expect to see more inventory available and modestly higher home prices. Inventory levels have dropped slightly and going in to the winter buyers may have to exercise patience. The upside for buyers is that competition for homes drops during this time, and list prices have stayed well above sale prices.
Buyers who do find a home will want to act quickly, while competition isn’t as fierce as, during the spring and summer season, homes with popular features will not stay on the market very long. If you have questions about buying a home in Memphis, give us a call today, and we can put our knowledge and expertise to work for you!
What Does This Data Mean For Sellers?
The real estate market in Memphis, Tennessee, is still a seller’s market. Homes, especially with in-demand styles and furnishings sell particularly quickly. Sale prices for all property types have increased year to year, and as interest rates remain low and buyer demographics shift, expect these trends to continue.
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