Is Memphis, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Memphis was a Seller's Market.
Key Takeaway
Memphis is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Memphis, TN
How much do homes in Memphis, TN cost?
Median Sold Price
$181,170
$130/sqft
Based on all homes sold in November 2023.
Difference Since Last Month
Key Takeaway
Homes in Memphis have sold for 2.1% less than they did a month ago.
Summary: The median home sold price in Memphis was $181,170 in November 2023, down 2.1% from last month, and the median price per square foot was $130.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $122.2K | $187K | +53.0% |
| 2 Bedrooms | $95K | $131K | +37.9% |
| 3 Bedrooms | $165K | $160K | -3.0% |
| 4 Bedrooms | $271.4K | $276K | +1.7% |
| 5+ Bedrooms | $375K | $362K | -3.5% |
Summary: Memphis housing prices by bedroom type for November 2023 compared to the previous month: The home price of 1 bedroom homes increased by 53%, 2 bedroom homes increased by 37.9%, 3 bedroom homes decreased by 3%, 4 bedroom homes increased by 1.7%, and 5+ bedroom homes decreased by 3.5%.
Median Sold Price Compared To Nearby Cities
| Germantown | $565K | $629K | +11.3% |
| Lakeland | $523.5K | $537.4K | +2.7% |
| Bartlett | $325K | $332.5K | +2.3% |
| Memphis | $185.1K | $181.1K | -2.1% |
| Cordova | $325K | $298.2K | -8.2% |
Housing Supply in Memphis, TN
How many homes are available in Memphis, TN?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 2,659 | 2,794 | +5.1% |
Summary: The Memphis real estate market had 2,794 homes for sale in November 2023, a 5.1% increase compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 37 | 41 | +10.8% |
| 2 Bedrooms | 433 | 464 | +7.2% |
| 3 Bedrooms | 1,447 | 1,503 | +3.9% |
| 4 Bedrooms | 581 | 625 | +7.6% |
| 5+ Bedrooms | 161 | 161 | 0.0% |
Summary: The Memphis housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 10.8%, 2 bedroom homes increased by 7.2%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 7.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 509 | 380 | -25.3% |
Asking Price vs. Sold Price
222 Homes Were Sold
Under Asking
93 Homes Were Sold
At Asking
63 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Memphis, you may be able to get a good deal. 58.7% of homes here sold below asking price last month.
Summary: A total of 380 homes were sold or pending in Memphis in November 2023, down by 25.3% month-over-month. Of the 378 sold homes, 59% were sold under asking, 25% were sold at asking, and 17% were sold over asking.
Days on Market for Memphis, TN
How long does it take to sell a home in Memphis, TN?
Average Sale Time
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 61 Days | 2 Days | -96.7% |
Summary: Homes in Memphis had an average of 2 days on market in Nov 2023, down by 96.7% compared to 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
Key Takeaway
Many homes in Memphis are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 380 homes were sold in Memphis; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2023 of the REALTRACS MLS. All rights Reserved.