Welcome to this month’s Memphis, Tennessee real estate market report. This summary will get you up to date about home prices and how much inventory is available in the Memphis real estate market.
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Memphis Housing Stats
Inventory available has dropped during this same period causing the rise in sale prices. Active listings in the Memphis area have fallen from 4,056 units available at the end of August 2019 to 2,876 units available at the end of August 2020.
Total sales ended August 2020 at 1,825, down 5.3% from 1,927 one year ago. The total year to date sales is also down 5.3% from 13,205 to 12,499.
Existing home sales accounted for 1,745 of the total sales in August. The average sale price for existing homes is $211,988, up 13.9% from $186,125.
There were 80 sales of new homes in the Memphis area during August, a 10.1% drop from 89 one year ago. The average sale price for new homes climbed 10% from $381,178 to $419,808.
Market Reports from 2020
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Memphis Homes for Sale
Here are the most recent home listings just added to the database in the median sale price range for Memphis – all homes here are priced at $221,098 or less.