Welcome to this month’s Memphis, Tennessee, real estate market report. Are sales volume ahead this time? Will home sales bounce back despite inflation? Read this helpful report to find out.

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Memphis Housing Stats

Memphis-area home sales for May increased by 2.3 % from a year ago, with 1,997 total sales recorded. Average sales price from May-to-May was up by 10.8 %, at $265,797. Year-to-Date sales volume increased by 11.4 %, at $2.05 billion.

There were 70 new home sales during May this year in Memphis, this is a year-to-year decrease of 30.7%, and the average sale price for new homes climbed 19.4% from one year ago, up from $379,783 to $453,417.

There were 3 bank-owned properties sold, a drop of 57.1% when compared to the 7 sold during May 2021. Average sales price went down 29.4% from $66,333 to $46,833.

There is a total of 2,191 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 $359,563, $195,510 for condos, and for duplexes is $262,122. The market total for pending sales is 1,477 for single family, 50 for condo and 34 for duplex with the average list price of $315,381.

Total inventory increased from 2,016 at the end of April to 2,191 at the end of May. May had more sales than a year ago despite rising prices in the grocery store and at the pump.


Market Reports from 2022

January 2022February 2022
March 2022April 2022
May 2022

Market Reports from 2021

January 2021February 2021
March 2021April 2021
May 2021June 2021
July 2021August 2021
September 2021October 2021
November 2021December 2021

Market Reports from 2020

August 2020September 2020
October 2020November 2020
December 2020

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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