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
$200,150
$127/sqft
Based on all homes sold in March 2024.
Difference 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
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
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.