Is Memphis, TN a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Memphis is a neutral's market

Buyer's
Market

Difference Since April 2023

At the same time last year, Memphis was a Buyer's Market.

Key Takeaway

Memphis 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 Memphis, TN

How much do homes in Memphis, TN cost?

Median Sold Price

$195,677

$130/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

-$4,289(-2.1%)

Key Takeaway

Homes in Memphis have sold for 2.1% less than they did a year ago.

Summary: The median home sold price in Memphis was $195,677 in April 2024, down 2.1% from last year, and the median price per square foot was $130.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $97K$137.5K
+41.8%
2 $115K$126.2K
+9.8%
3 $189.4K$178.2K
-5.9%
4 $295K$274.6K
-6.9%
5+ $365K$421K
+15.4%

Summary: Memphis housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 41.8%, 2 bedroom homes increased by 9.8%, 3 bedroom homes decreased by 5.9%, 4 bedroom homes decreased by 6.9%, and 5+ bedroom homes increased by 15.4%.

Median Sold Price Compared To Nearby Cities

Germantown
+10.2%
Bartlett
-1.7%
Memphis
-2.1%
Lakeland
-2.1%
Cordova
-3.1%

Housing Supply in Memphis, TN

How many homes are available in Memphis, TN?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
2,5782,915+13.1%

Summary: The Memphis real estate market had 2,915 homes for sale in April 2024, a 13.1% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 4356
+30.2%
2 442499
+12.9%
3 1,3741,517
+10.4%
4 572650
+13.6%
5+ 147193
+31.3%

Summary: The Memphis housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 30.2%, 2 bedroom homes increased by 12.9%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 13.6%, and 5+ bedroom homes increased by 31.3%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
473471-0.4%

Asking Price vs. Sold Price

272 Homes Were Sold
Under Asking

122 Homes Were Sold
At Asking

75 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Memphis, you may be able to get a good deal. 58% of homes here sold below asking price last month.

Summary: A total of 471 homes were sold or pending in Memphis in April 2024, down by 0.4% month-over-month. Of the 469 sold homes, 58% were sold under asking, 26% were sold at asking, and 16% were sold over asking.

Days on Market for Memphis, 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 3 Days Ago

Newest Listings in Memphis, TN

Nearby Markets to Memphis, TN

What housing markets are near Memphis, TN?