Welcome to this month’s Memphis, Tennessee, real estate market report. Let’s take a look if home sales dropped or rose.
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Memphis Metro Housing Stats
There were 70 new home sales for October this year in Memphis, a decrease of 15.7% from last year’s 83 new home sales, and the average sale price for new homes increased 22.9% from one year ago, up from $424,225 to $521,346.
There were 9 bank-owned properties sold. Average sales price decreased 49.7% from $150,616 to $75,708.
There is a total of 3,668 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 $363,994, $263,097 for condos, and for duplexes is $191,300. The market total for pending sales is 809 for single family, 44 for condo and 16 for duplex with the average list price of $306,042.
Total inventory increased 3.6%, with 3,668 units listed for sale.
What Does This Data Mean For Buyers?
The sales price rose in tandem with the inventory. It is essential for both buyers and sellers to stay informed about these shifts in the market. Collaborating closely with experienced real estate agents and brokers is advisable to navigate these changes effectively.
What Does This Data Mean For Sellers?
The numerical data paints an optimistic picture for the market, offering a reassuring outlook following a somewhat underwhelming performance in the month of September.
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