Is Shelby County, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Shelby County is a buyer's market

Buyer's
Market

Difference Since Last Month

Last month, Shelby County was a Seller's Market.

Key Takeaway

Shelby County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Shelby County, TN

How much do homes in Shelby County, TN cost?

Median Sold Price

$229,000

-

Based on all homes sold in January 2024.

Difference Since Last Month

-$6,750(-2.9%)

Key Takeaway

Homes in Shelby County have sold for 2.9% less than they did a month ago.

Median Sold Price By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 $141.2K$210.7K
+49.2%
2 $116K$80K
-31.0%
3 $201.3K$185K
-8.1%
4 $325K$316.2K
-2.7%
5+ $599.9K$485.9K
-19.0%

Summary: Shelby County housing prices by bedroom type for January 2024 compared to the previous month: The home price of 1 bedroom homes increased by 49.2%, 2 bedroom homes decreased by 31%, 3 bedroom homes decreased by 8.1%, 4 bedroom homes decreased by 2.7%, and 5+ bedroom homes decreased by 19%.

Median Sold Price Compared To Nearby Counties

Fayette County
+2.0%
Tipton County
0.5%
Shelby County
-2.9%

Housing Supply in Shelby County, TN

How many homes are available in Shelby County, TN?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
3,2993,460+4.9%

Summary: The Shelby County real estate market had 3,460 homes for sale in January 2024, a 4.9% increase compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 4041
+2.5%
2 410448
+9.3%
3 1,5571,574
+1.1%
4 908987
+8.7%
5+ 384410
+6.8%

Summary: The Shelby County housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 2.5%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 1.1%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 6.8%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
643437-32.0%

Asking Price vs. Sold Price

257 Homes Were Sold
Under Asking

122 Homes Were Sold
At Asking

58 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Shelby County, you may be able to get a good deal. 58.8% of homes here sold below asking price last month.

Summary: A total of 437 homes were sold or pending in Shelby County in January 2024, down by 32.0% month-over-month. Of the 437 sold homes, 59% were sold under asking, 28% were sold at asking, and 13% were sold over asking.

Days on Market for Shelby County, TN

We’re sorry, we don't have information for this market at the moment

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

Report Updated 27 Days Ago

Newest Listings in Shelby County, TN

Nearby Markets to Shelby County, TN

What housing markets are near Shelby County, TN?