Welcome to this month’s Memphis, Tennessee, real estate market report. Fall is when we typically see the market start to slow down. Let’s find out on this report if prices and sales fall 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.
Memphis Metro Housing Stats
There were 62 new home sales for October this year in Memphis, a decrease of 18.4% from last year’s 76 new home sales, and the average sale price for new homes decreased 0.4% from one year ago, up from $447,449 to $445,701.
There were 7 bank-owned properties sold with average sales price of $150,616.
There is a total of 3,054 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 $376,021, $224,906 for condos, and for duplexes is $198,503. The market total for pending sales is 1,050 for single family, 42 for condo and 11 for duplex with the average list price of $309,869.
Total inventory tops for the first time from 2,935 at the end of September to 3,054 at the end of October.
What Does This Data Mean For Buyers?
What Does This Data Mean For Sellers?
The rise of inventory is a good news but it shows that it’s a result of lower sales activity. At the very least, it’s safe to assume prospective buyers will jump on properties they find that fit their criteria.
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