Is Memphis, TN 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 September 2021

Since last year, Memphis has remained a Seller's Market.

Key Takeaway

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

How much do homes in Memphis, TN cost?

Median Sold Price

$190,068

$96/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2021

+$16,009(+9.2%)

Key Takeaway

Homes in Memphis have sold for 9.2% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSSep 2021Sep 2022%
1 $153.7K$168.5K
+9.6%
2 $119.5K$133.5K
+11.7%
3 $154.2K$177.1K
+14.8%
4 $260.8K$294.9K
+13.1%
5+ $402.5K$393.5K
-2.3%

Median Sold Price Compared To Nearby Cities

Lakeland
+21.3%
Cordova
+19.3%
Bartlett
+12.0%
Germantown
+9.4%
Memphis
+9.2%

How many homes are available in Memphis, TN?

Number of Homes For Sale

Aug 2022Sep 2022%
2,3532,461+4.6%

Homes For Sale By Bedroom Count

# BEDSAug 2022Sep 2022%
1 3942
+7.7%
2 426431
+1.2%
3 1,3121,359
+3.6%
4 456496
+8.8%
5+ 120133
+10.8%

Number of Homes Sold

Aug 2022Sep 2022%
601463-23.0%

Asking Price vs. Sold Price

211 Homes Were Sold
Under Asking

134 Homes Were Sold
At Asking

118 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. 45.6% of homes here sold below asking price last month.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Memphis are selling fast, if you're buying plan to act quickly.

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

About Memphis, TN

Number of homes for sale in Memphis, TN real estate market have reached 2,461. The number of homes for sale in Memphis, TN increased by 4.6% between August 2022 and September 2022. Listings spent 1 days on the market in September 2022, and had a median list price of $190,068 during the same period. Between August 2022 and September 2022, listing prices of homes in this real estate market have seen the following changes: 1 bedroom properties prices increased by 9.6%, prices of 2 bedrooms properties went up by 11.7%, prices of 3 bedrooms properties went up by 14.8%, 4 bedrooms properties prices increased by 13.1%, 5 bedrooms properties prices decreased by 2.3%. The following changes in the number of homes for sale were observed in this housing market: number of 1 bedroom homes increased by 7.7%, number of 2 bedrooms homes increased by 1.2%, number of 3 bedrooms homes increased by 3.6%, 4 bedrooms homes became 8.8% more available, volume of 5 bedrooms homes went up by 10.8%. In September 2022 more than 118 listings in Memphis, TN were sold above the asking price. During the same period more than 134 listings were sold at asking price, while more than 211 were sold below.

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