Is Memphis, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Memphis is a seller's market

Buyer's
Market

Difference Since Last Month

Last month, Memphis was a Buyer's Market.

Key Takeaway

Memphis is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Memphis, MI

How much do homes in Memphis, MI cost?

Median Sold Price

$300,950

$195/sqft

Based on all homes sold in March 2024.

Difference Since Last Month

-$19,050(-6.0%)

Key Takeaway

Homes in Memphis have sold for 6% less than they did a month ago.

Summary: The median home sold price in Memphis was $300,950 in March 2024, down 6% from last month, and the median price per square foot was $195.

Median Sold Price By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 --
N/A
2 --
N/A
3 -$297K
N/A
4 $320K$370K
+15.6%
5+ --
N/A

Summary: Memphis housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes increased by 15.6%, and 5+ bedroom homes did not change.

Housing Supply in Memphis, MI

How many homes are available in Memphis, MI?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
98-11.1%

Summary: The Memphis real estate market had 8 homes for sale in March 2024, a 11.1% decrease compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 00
0.0%
3 76
-14.3%
4 22
0.0%
5+ 00
0.0%

Summary: The Memphis housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 14.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
14+300.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Memphis, you may be able to get a good deal. 75% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Memphis in March 2024, up by 300.0% month-over-month. Of the 4 sold homes, 75% were sold under asking, 25% were sold at asking, and 0% were sold over asking.

Days on Market for Memphis, MI

How long does it take to sell a home in Memphis, MI?

Average Sale Time

Feb 2024Mar 2024CHANGE
87 Days115 Days+32.8%

Summary: Homes in Memphis had an average of 115 days on market in Mar 2024, up by 32.8% compared to last month.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Memphis are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During March 2024, 4 homes were sold in Memphis; 0% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 75% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 12 Days Ago

Newest Listings in Memphis, MI

Nearby Markets to Memphis, MI

What housing markets are near Memphis, MI?