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.
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
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
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
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.