Welcome to this month’s Memphis, Tennessee, real estate market report.Sales in Memphis market fell once more last month at the start of 2023. Let’s find out in this report if sales remained down or it went up.

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Memphis Housing Stats

Memphis-area home sales for February decreased 28.9% from a year ago, with 917 total sales recorded. Average sales price was up 3%, at $40,507.

There were 54 new home sales for February this year in Memphis, a decrease of 5.3% from last year’s 57 new home sales, and the average sale price for new homes increased 22.8% from one year ago, up from $422,542 to $518,900.

There were 13 bank-owned properties sold, an increase of 225% from last year’s 4 units sold. Average sales price increased 33.7% from $116,225 to $155,369.

There is a total of 2,760 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 $364,327, $266,880 for condos, and for duplexes is $196,152. The market total for pending sales is 852 for single family, 24 for condo and 21 for duplex with the average list price of $310,095.

Inventory increased 2.6 % with 2,760 units listed for sale.


Market Reports from 2023

January 2023February 2023

Market Reports from 2022

January 2022February 2022
March 2022April 2022
May 2022June 2022
July 2022August 2022
September 2022October 2022
November 2022December 2022

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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