$3,027 Closing Credit*
$254,900
3 Beds
•2 Full Baths
Listing Office: Memphis One Inc
Is 38016, TN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Since last month, 38016 has remained a Buyer's Market.
Key Takeaway
38016 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 38016, TN
How much do homes in 38016, TN cost?
Median Sold Price
$320,000
-
Based on all homes sold in October 2024.
Difference Since Last Month
+$32,000(+11.1%)
Key Takeaway
Homes in 38016 have sold for 11.1% more than they did a month ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $109K | N/A |
| 2 Bedrooms | $287K | $238K | -17.1% |
| 3 Bedrooms | $280.5K | $275K | -2.0% |
| 4 Bedrooms | $335.2K | $346.4K | +3.3% |
| 5+ Bedrooms | $335K | $379.5K | +13.3% |
Summary: 38016 housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 17.1%, 3 bedroom homes decreased by 2%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes increased by 13.3%.
Housing Supply in 38016, TN
How many homes are available in 38016, TN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 163 | 197 | +20.9% |
Summary: The 38016 real estate market had 197 homes for sale in October 2024, a 20.9% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 14 | 14 | 0.0% |
| 3 Bedrooms | 64 | 77 | +20.3% |
| 4 Bedrooms | 66 | 83 | +25.8% |
| 5+ Bedrooms | 18 | 22 | +22.2% |
Summary: The 38016 housing inventory by bedroom type for October 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 20.3%, 4 bedroom homes increased by 25.8%, and 5+ bedroom homes increased by 22.2%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 17 | 23 | +35.3% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 38016, you may be able to get a good deal. 56.5% of homes here sold below asking price last month.
Summary: A total of 23 homes were sold or pending in 38016 in October 2024, up by 35.3% month-over-month. Of the 23 sold homes, 57% were sold under asking, 35% were sold at asking, and 9% were sold over asking.
Days on Market for 38016, TN
We’re sorry, we don't have information for this market at the moment
