Welcome to the August Memphis, Tennessee, real estate market report. Let’s take a look and find out if there has been an uptick or downturn in home sales.

Memphis Metro Housing Stats

Memphis-area home sales for October decreased 20% from a year ago, with 1,195 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database.

Sales were down 6.9% from September, when there were 1,284 total sales. Average sales price from October-to-October was down 0.1%, at $263,671. Inventory increased 0.35%, with 3,994 units listed for sale. October average DOM was 60. Sales volume YTD increased 1.1%, to $3.63 billion.

There is a total of 3,994  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 $410,827, $262,287 for condos, and for duplexes is $157,261. The market total for pending sales is 1,230 for single family, 56 for condo and 18 for duplex with the average list price of $394,555.

Total inventory increased 0.6%, with 3,994 units listed for sale. See full report here

What Does This Data Mean For Buyers?

The year-to-date increase in total home sales along with an increase in available inventory indicates a more stable market. This suggests healthy competition among buyers for available properties and more opportunity for buyers during negotiations. 

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 rise in total home sales so far this year indicates a positive market environment. With an increased number of homes being purchased, along with an increased number of homes for sale, sellers could see buyers that are choosing wisely and asking for concessions during negotiations. 

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!

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 $255,511 or less

Summary
Memphis Metro Real Estate Market Report - October 2021
Article Name
Memphis Metro Real Estate Market Report - October 2021
Description
The average sale price for a single-family in Memphis, Tennessee, at the end of September 2021 was $240,539, a year-to-year increase of 6.6%.
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Publisher Name
lumiererealty.com
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