Is Shelby County, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Shelby County has remained a Seller's Market.
Key Takeaway
Shelby County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Shelby County, TN
How much do homes in Shelby County, TN cost?
Median Sold Price
$262,743
$139/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Shelby County have sold for 4.4% less than they did a year ago.
Summary: The median home sold price in Shelby County was $262,743 in May 2024, down 4.4% from last year, and the median price per square foot was $139.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $127.5K | $133K | +4.3% |
| 2 Bedrooms | $145K | $143K | -1.4% |
| 3 Bedrooms | $229.5K | $209.9K | -8.5% |
| 4 Bedrooms | $375.1K | $371K | -1.1% |
| 5+ Bedrooms | $579.9K | $559.4K | -3.5% |
Summary: Shelby County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.3%, 2 bedroom homes decreased by 1.4%, 3 bedroom homes decreased by 8.5%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes decreased by 3.5%.
Median Sold Price Compared To Nearby Counties
| Tipton County | $275.9K | $289.9K | +5.1% |
| Shelby County | $274.8K | $262.7K | -4.4% |
| Fayette County | $373.8K | $352.9K | -5.6% |
Housing Supply in Shelby County, TN
How many homes are available in Shelby County, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4,100 | 4,537 | +10.7% |
Summary: The Shelby County real estate market had 4,537 homes for sale in May 2024, a 10.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 53 | 62 | +17.0% |
| 2 Bedrooms | 493 | 566 | +14.8% |
| 3 Bedrooms | 1,820 | 1,963 | +7.9% |
| 4 Bedrooms | 1,181 | 1,318 | +11.6% |
| 5+ Bedrooms | 553 | 628 | +13.6% |
Summary: The Shelby County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 17%, 2 bedroom homes increased by 14.8%, 3 bedroom homes increased by 7.9%, 4 bedroom homes increased by 11.6%, and 5+ bedroom homes increased by 13.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 858 | 802 | -6.5% |
Asking Price vs. Sold Price
413 Homes Were Sold
Under Asking
216 Homes Were Sold
At Asking
173 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. 51.5% of homes here sold below asking price last month.
Summary: A total of 802 homes were sold or pending in Shelby County in May 2024, down by 6.5% month-over-month. Of the 802 sold homes, 51% were sold under asking, 27% 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?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 11 Days | 96 Days | +734.8% |
Summary: Homes in Shelby County had an average of 96 days on market in May 2024, up by 734.8% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Most homes in Shelby County are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 802 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.