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
$200,150
$127/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
The sold price of homes in Memphis has remained the same since last month.
Summary: The median home sold price in Memphis was $200,150 in March 2024, up 0.1% from last month, and the median price per square foot was $127.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $113.9K | $178.9K | +57.0% |
| 2 Bedrooms | $150K | $88.5K | -41.0% |
| 3 Bedrooms | $173.7K | $190.5K | +9.6% |
| 4 Bedrooms | $254.7K | $284.5K | +11.7% |
| 5+ Bedrooms | $515K | $450K | -12.6% |
Summary: Memphis housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes increased by 57%, 2 bedroom homes decreased by 41%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes decreased by 12.6%.
Median Sold Price Compared To Nearby Cities
| Lakeland | $305K | $439.6K | +44.1% |
| Memphis | $200K | $200.1K | 0.1% |
Housing Supply in Memphis, TN
How many homes are available in Memphis, TN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2,418 | 2,805 | +16.0% |
Summary: The Memphis real estate market had 2,805 homes for sale in March 2024, a 16.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 37 | 46 | +24.3% |
| 2 Bedrooms | 413 | 482 | +16.7% |
| 3 Bedrooms | 1,296 | 1,505 | +16.1% |
| 4 Bedrooms | 547 | 614 | +12.2% |
| 5+ Bedrooms | 125 | 158 | +26.4% |
Summary: The Memphis housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 24.3%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 16.1%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes increased by 26.4%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 426 | 389 | -8.7% |
Asking Price vs. Sold Price
199 Homes Were Sold
Under Asking
107 Homes Were Sold
At Asking
82 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Memphis, you may be able to get a good deal. 51.3% of homes here sold below asking price last month.
Summary: A total of 389 homes were sold or pending in Memphis in March 2024, down by 8.7% month-over-month. Of the 388 sold homes, 51% were sold under asking, 28% were sold at asking, and 21% were sold over asking.
Days on Market for Memphis, TN
We’re sorry, we don't have information for this market at the moment
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 March 2024, 389 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.
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