Welcome to this month’s Memphis, Tennessee, real estate market report. How have home sales and sale prices behaved over the last month, are home prices higher this year than one year ago? Read this helpful report to find out.
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Memphis Metro Housing Stats
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%. For the year so far the average sale price for single-family homes is $235,251, an increase of 12.2% compared to this time last year.
There were 2,149 properties sold during the month of September, which is 17.6% higher than the previous September. Month to month sales increased from 2,038 in August. For the year there have been 16,781 listings sold, up 17% when compared to this time last year.
September just saw 76 new home sales, in line with the 77 sold during this time one year ago. New home sales for the year are ahead of the number sold at this time one year ago, total new home sales for 2021 are 758, up from 4% from 725 sold by this time in 2020.
There were five bank-owned properties sold last month, a drop of 79.2% when compared to the 24 sold during September 2020. For the year bank-owned property sales are well below the number sold by this time one year ago, bank sales are down year to year 65% from 277 to 97 sold so far this year.
There were 105 condo properties sold last month and 45 condos went under contract during September. Only 53 duplex properties were sold during September, and 17 duplex listings went under contract during September as well.
Total inventory for the month dropped from 2,659 during August to 2,529 listings available to buyers at the end of September.
What Does This Data Mean For Buyers?
Buyers looking to buy a home in Memphis this year can expect, in general, higher prices and less inventory. Some price markets are cooling off or remaining stagnant as buyers either give up searching for a home or are priced out of the market. Inventory in the Memphis area continues to be well below the averages of one year ago, which will help prices from surging higher.
Buyers should know that even as interest rates remain low, time is not on their side. As prices inch, higher buyers should have financing in place and be ready to act as soon as a property is found. As we head into the winter season, buyers can expect slightly less competition for homes.
What Does This Data Mean For Sellers?
The Memphis real estate market currently favors sellers. Single-family home prices have climbed year over year, and with buyer preferences shifting to homes instead of apartments, sellers can expect these trends to continue. For as long as interest rates remain low, buyers will continue to search for housing.
Sellers can expect that even as the winter buying season approaches there will be continued demand for housing. While historically the winter season sees a slowdown in buying activity, the last two winters have seen increases each month of single-family home sales.
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!
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 $240,539 or less