Welcome to this month’s Memphis, Tennessee, real estate market report. Review to see if home sales decreased or increased.
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Memphis Metro Housing Stats
There were 60 new home sales for September this year in Memphis, a decrease of 38.8% from last year’s 98 new home sales, and the average sale price for new homes increased 5.7% from one year ago, up from $505,747 to $534,410.
There were 7 bank-owned properties sold. Average sales price increased 91% from $89,563 to $171,100.
There is a total of 3,542 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 $358,261, $271,143 for condos, and for duplexes is $193,093. The market total for pending sales is 855 for single family, 53 for condo and 14 for duplex with the average list price of $173,978.
Total inventory increased 7%, with 3,542 units listed for sale.
What Does This Data Mean For Buyers?
What Does This Data Mean For Sellers?
September sales declined once more; nevertheless, as is evident in the local market, slower sales shift into bigger inventories.
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