Is Shelby County, 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, Shelby County was a Seller's Market.
Key Takeaway
Shelby County is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Shelby County, TN
How much do homes in Shelby County, TN cost?
Median Sold Price
$281,228
$127/sqft
Based on all homes sold in March 2024.
Difference Since Last Month
Key Takeaway
Homes in Shelby County have sold for 12.7% more than they did a month ago.
Summary: The median home sold price in Shelby County was $281,228 in March 2024, up 12.7% 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 | $164K | $115K | -29.9% |
| 3 Bedrooms | $211.5K | $233.3K | +10.3% |
| 4 Bedrooms | $365K | $385K | +5.5% |
| 5+ Bedrooms | $546K | $598.5K | +9.6% |
Summary: Shelby County 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 29.9%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes increased by 9.6%.
Median Sold Price Compared To Nearby Counties
| Shelby County | $249.4K | $281.2K | +12.7% |
| Fayette County | $366.4K | $333.9K | -8.9% |
| DeSoto County | $564K | $260.1K | -53.9% |
Housing Supply in Shelby County, TN
How many homes are available in Shelby County, TN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3,534 | 4,113 | +16.4% |
Summary: The Shelby County real estate market had 4,113 homes for sale in March 2024, a 16.4% 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 | 445 | 517 | +16.2% |
| 3 Bedrooms | 1,622 | 1,897 | +17.0% |
| 4 Bedrooms | 1,014 | 1,160 | +14.4% |
| 5+ Bedrooms | 416 | 493 | +18.5% |
Summary: The Shelby County 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 16.2%, 3 bedroom homes increased by 17%, 4 bedroom homes increased by 14.4%, and 5+ bedroom homes increased by 18.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 625 | 623 | -0.3% |
Asking Price vs. Sold Price
312 Homes Were Sold
Under Asking
174 Homes Were Sold
At Asking
134 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Shelby County, you may be able to get a good deal. 50.3% of homes here sold below asking price last month.
Summary: A total of 623 homes were sold or pending in Shelby County in March 2024, down by 0.3% month-over-month. Of the 620 sold homes, 50% were sold under asking, 28% were sold at asking, and 22% were sold over asking.
Days on Market for Shelby County, TN
How long does it take to sell a home in Shelby County, TN?
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Shelby County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 623 homes were sold in Shelby County; 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.
© 2024 of the REALTRACS MLS. All rights Reserved.