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 Last Month

Last month, 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

$190,466

-

Based on all homes sold in October 2024.

Difference Since Last Month

-$1,533(-0.8%)

Key Takeaway

Homes in Memphis have sold for 0.8% less than they did a month ago.

Median Sold Price By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 $200.5K$151K
-24.7%
2 $123.5K$124K
0.4%
3 $183.5K$169.5K
-7.6%
4 $250K$300K
+20.0%
5+ $335K$355K
+6.0%

Summary: Memphis housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes decreased by 24.7%, 2 bedroom homes increased by 0.4%, 3 bedroom homes decreased by 7.6%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 6%.

Median Sold Price Compared To Nearby Cities

Bartlett
+14.3%
Cordova
+3.4%
Germantown
+1.9%
Memphis
-0.8%

Housing Supply in Memphis, TN

How many homes are available in Memphis, TN?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2,1382,616+22.4%

Summary: The Memphis real estate market had 2,616 homes for sale in October 2024, a 22.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 3843
+13.2%
2 335432
+29.0%
3 1,0901,366
+25.3%
4 511593
+16.0%
5+ 164182
+11.0%

Summary: The Memphis housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 13.2%, 2 bedroom homes increased by 29%, 3 bedroom homes increased by 25.3%, 4 bedroom homes increased by 16%, and 5+ bedroom homes increased by 11%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
239409+71.1%

Asking Price vs. Sold Price

252 Homes Were Sold
Under Asking

103 Homes Were Sold
At Asking

53 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. 61.8% of homes here sold below asking price last month.

Summary: A total of 409 homes were sold or pending in Memphis in October 2024, up by 71.1% month-over-month. Of the 408 sold homes, 62% were sold under asking, 25% were sold at asking, and 13% 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 16 Days Ago

Newest Listings in Memphis, TN

Nearby Markets to Memphis, TN

What housing markets are near Memphis, TN?