Is Colonial Acres, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Colonial Acres has remained a Seller's Market.
Key Takeaway
Colonial Acres is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Colonial Acres, TN
How much do homes in Colonial Acres, TN cost?
Median Sold Price
$215,000
-
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Colonial Acres have sold for 4.4% less than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $206.9K | $215K | +3.9% |
| 3 Bedrooms | $235K | $211.5K | -10.0% |
| 4 Bedrooms | $152.7K | $254.2K | +66.4% |
| 5+ Bedrooms | $508K | $550K | +8.3% |
Summary: Colonial Acres housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.9%, 3 bedroom homes decreased by 10%, 4 bedroom homes increased by 66.4%, and 5+ bedroom homes increased by 8.3%.
Median Sold Price Compared To Nearby Neighborhoods
| Colonial Acres | $225K | $215K | -4.4% |
| Sea Isle Park | $283.2K | $268.7K | -5.1% |
| Southeast Memphis | $162.5K | $153.5K | -5.5% |
Housing Supply in Colonial Acres, TN
How many homes are available in Colonial Acres, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 81 | 94 | +16.0% |
Summary: The Colonial Acres real estate market had 94 homes for sale in May 2024, a 16.0% 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 | 5 | 7 | +40.0% |
| 3 Bedrooms | 63 | 71 | +12.7% |
| 4 Bedrooms | 12 | 14 | +16.7% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Colonial Acres 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 40%, 3 bedroom homes increased by 12.7%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 18 | 22 | +22.2% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Colonial Acres, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Colonial Acres in May 2024, up by 22.2% month-over-month. Of the 22 sold homes, 55% were sold under asking, 32% were sold at asking, and 14% were sold over asking.
Days on Market for Colonial Acres, TN
We’re sorry, we don't have information for this market at the moment
