Is South Memphis, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, South Memphis has remained a Buyer's Market.
Key Takeaway
South Memphis is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in South Memphis, TN
How much do homes in South Memphis, TN cost?
Median Sold Price
$37,000
-
Based on all homes sold in May 2024.
Difference Since Last Month
Key Takeaway
Homes in South Memphis have sold for 5.7% more than they did a month ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $27.5K | $45K | +63.6% |
| 3 Bedrooms | $37.5K | $33.5K | -10.7% |
| 4 Bedrooms | - | - | N/A |
| 5+ Bedrooms | - | - | N/A |
Summary: South Memphis housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 63.6%, 3 bedroom homes decreased by 10.7%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Housing Supply in South Memphis, TN
How many homes are available in South Memphis, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 30 | 34 | +13.3% |
Summary: The South Memphis real estate market had 34 homes for sale in May 2024, a 13.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 9 | +12.5% |
| 3 Bedrooms | 11 | 12 | +9.1% |
| 4 Bedrooms | 10 | 11 | +10.0% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The South Memphis housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 10%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 3 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in South Memphis, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in South Memphis in May 2024, the same as the previous month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.
Days on Market for South Memphis, TN
We’re sorry, we don't have information for this market at the moment
