Is Memphis, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Memphis was a Neutral Market.
Housing Prices in Memphis, MI
How much do homes in Memphis, MI cost?
Median Sold Price
$297,000
$194/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Memphis was $297,000 in March 2024, up 5.4% from last year, and the median price per square foot was $194.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | - | $296.1K | N/A |
3 Bedrooms | $277.5K | $285K | +2.7% |
4 Bedrooms | $362K | $362.5K | 0.1% |
5+ Bedrooms | $183.5K | - | N/A |
Summary: Memphis housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 2.7%, 4 bedroom homes increased by 0.1%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
Richmond Township | $287.9K | $305K | +5.9% |
Memphis | $281.7K | $297K | +5.4% |
Housing Supply in Memphis, MI
How many homes are available in Memphis, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
11 | 11 | 0.0% |
Summary: The Memphis real estate market had 11 homes for sale in March 2024, the same as February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 0 | 0 | 0.0% |
3 Bedrooms | 8 | 8 | 0.0% |
4 Bedrooms | 3 | 3 | 0.0% |
5+ Bedrooms | 0 | 0 | 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 remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
1 | 5 | +400.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 5 homes were sold or pending in Memphis in March 2024, up by 400.0% month-over-month. Of the 5 sold homes, 60% were sold under asking, 40% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
9 Days | 122 Days | +1264.4% |
Summary: Homes in Memphis had an average of 122 days on market in Mar 2024, up by 1264.4% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During March 2024, 5 homes were sold in Memphis; 0% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 80% of homes were sold over 90 days.