Welcome to this month’s Memphis, Tennessee, real estate market report. Review to see if home sales decreased or increased.

Memphis Metro Housing Stats

Memphis-area home sales for September decreased 28.7% from a year ago, with 1,339 total sales recorded. Average sales price was up 0.6%, at $273,330.

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?

As inventories rose once more, more people decided to enter the market.

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?

September sales declined once more; nevertheless, as is evident in the local market, slower sales shift into bigger inventories.

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 $249,100 or less

Memphis Metro Real Estate Market Report - October 2021
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Memphis Metro Real Estate Market Report - October 2021
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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