Is South Memphis, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, South Memphis has remained a Buyer's Market.
Key Takeaway
South Memphis is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in South Memphis, TN
How much do homes in South Memphis, TN cost?
Median Sold Price
$40,250
-
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in South Memphis have sold for 43.3% less than they did a year ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $8K | N/A |
| 2 Bedrooms | $83K | $30.5K | -63.3% |
| 3 Bedrooms | $72.1K | $61.4K | -14.8% |
| 4 Bedrooms | $33.5K | $70K | +109.0% |
| 5+ Bedrooms | $65K | $35K | -46.2% |
Summary: South Memphis housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 63.3%, 3 bedroom homes decreased by 14.8%, 4 bedroom homes increased by 109%, and 5+ bedroom homes decreased by 46.2%.
Housing Supply in South Memphis, TN
How many homes are available in South Memphis, TN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 29 | 33 | +13.8% |
Summary: The South Memphis real estate market had 33 homes for sale in April 2024, a 13.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 8 | 8 | 0.0% |
| 3 Bedrooms | 12 | 13 | +8.3% |
| 4 Bedrooms | 8 | 11 | +37.5% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The South Memphis housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 8.3%, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 3 | 3 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in South Memphis, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in South Memphis in April 2024, the same as the previous month. Of the 3 sold homes, 67% were sold under asking, 33% were sold at asking, and 0% were sold over asking.
Days on Market for South Memphis, TN
We’re sorry, we don't have information for this market at the moment
