$35,000
1.93 Acres
Land
Listing Office: Crye-Leike, Inc., REALTORS
Is Memphis, 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, Memphis was a Seller's Market.
Key Takeaway
Memphis is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Memphis, TN
How much do homes in Memphis, TN cost?
Median Sold Price
$183,000
-
Based on all homes sold in November 2024.
Difference Since Last Month
-$7,233(-3.8%)
Key Takeaway
Homes in Memphis have sold for 3.8% less than they did a month ago.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $205K | $94.5K | -53.9% |
| 2 Bedrooms | $115K | $133K | +15.7% |
| 3 Bedrooms | $167.2K | $176K | +5.2% |
| 4 Bedrooms | $299K | $255K | -14.7% |
| 5+ Bedrooms | $339K | $330K | -2.7% |
Summary: Memphis housing prices by bedroom type for November 2024 compared to the previous month: The home price of 1 bedroom homes decreased by 53.9%, 2 bedroom homes increased by 15.7%, 3 bedroom homes increased by 5.2%, 4 bedroom homes decreased by 14.7%, and 5+ bedroom homes decreased by 2.7%.
Median Sold Price Compared To Nearby Cities
| Lakeland | $370K | $456K | +23.2% |
| Cordova | $290K | $305K | +5.2% |
| Germantown | $483K | $492.5K | +2.0% |
| Memphis | $190.2K | $183K | -3.8% |
| Bartlett | $333K | $320K | -3.9% |
Housing Supply in Memphis, TN
How many homes are available in Memphis, TN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 2,628 | 2,806 | +6.8% |
Summary: The Memphis real estate market had 2,806 homes for sale in November 2024, a 6.8% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 50 | 51 | +2.0% |
| 2 Bedrooms | 447 | 489 | +9.4% |
| 3 Bedrooms | 1,356 | 1,452 | +7.1% |
| 4 Bedrooms | 593 | 621 | +4.7% |
| 5+ Bedrooms | 182 | 193 | +6.0% |
Summary: The Memphis housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 2%, 2 bedroom homes increased by 9.4%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes increased by 6%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 474 | 362 | -23.6% |
Asking Price vs. Sold Price
218 Homes Were Sold
Under Asking
98 Homes Were Sold
At Asking
45 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Memphis, you may be able to get a good deal. 60.4% of homes here sold below asking price last month.
Summary: A total of 362 homes were sold or pending in Memphis in November 2024, down by 23.6% month-over-month. Of the 361 sold homes, 60% were sold under asking, 27% were sold at asking, and 12% were sold over asking.
Days on Market for Memphis, TN
We’re sorry, we don't have information for this market at the moment
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
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Disclaimer: The MLS data is provided exclusively to Participants or Subscribers for display on their website solely for consumers’ personal, non-commercial use, that the MLS data may not be used for any purpose other than to display prospective properties consumers may be interested in purchasing or leasing. Information contained on the computer print-outs of the Multiple Listing Service (MLS) of the HOUSTON REALTORS® INFORMATION SERVICE (HRIS) is furnished by MLS Participants for dissemination to other MLS Participants, for their exclusive use, and should not be relied upon by Buyer/Tenant or any other person. There is no express or implied warranty by HRIS or MLS as to the accuracy of such information, which should be independently verified by Buyer/Tenant or such other person. MLS does not verify the information and disclaims any responsibility for its accuracy. Any estimate of value was prepared using automated processes and should not be considered a comparative market analysis (CMA) or appraisal. You may contact us to provide additional information and analysis for a more accurate estimate of the property's value. Digital images modified or enhanced to alter real property characteristics contain a visible and legible watermark across the bottom of the image “Image does not represent actual property as is”. 
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms.