Memphis, TN
Housing Market
Memphis' housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Memphis' supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellMemphis Housing Market Overview
From historic homes to modern condos, the housing market in Memphis offers a variety of properties across budgets. The Memphis real estate market has recently shown slight signs of cooling. The median home sale price has decreased by 0.8% YoY to reach $180,000. Properties in Memphis typically remain on the market for 50 days, a 15-day drop from this time last year.
However, home sales have declined. This month, 405 homes were sold, which is an 11.6% decrease from the previous year. This reduction in sales suggests less competition and slower housing activity. That being said, Memphis remains a vital part of Tennessee's economy. Known for its rich history, music scene, and growing job market, the city attracts both local and out-of-state buyers. To capitalize on this demand for houses in Memphis, TN, sellers can set realistic prices and offer concessions to expedite the sale.
However, home sales have declined. This month, 405 homes were sold, which is an 11.6% decrease from the previous year. This reduction in sales suggests less competition and slower housing activity. That being said, Memphis remains a vital part of Tennessee's economy. Known for its rich history, music scene, and growing job market, the city attracts both local and out-of-state buyers. To capitalize on this demand for houses in Memphis, TN, sellers can set realistic prices and offer concessions to expedite the sale.
Median Sale Price
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Memphis Housing Supply
Memphis is an appealing market for real estate investors due to its steady demand and growing economy. The number of Memphis houses for sale has decreased slightly to 1,724, which marks a 2.3% year-over-year decline. Despite this, the market has seen 625 new listings recently. The housing supply in Memphis currently stands at 4.3 months, an indicator of more or less balanced market conditions.
Memphis' inventory levels are influenced by seasonal trends. The market typically experiences an increase in listings during the spring and summer months. Both sellers and buyers are active at this time, as they aim to close deals before the school year begins or winter sets in. Memphis offers a unique lifestyle with its urban amenities and Southern charm, which drives demand from both local and out-of-state buyers. Popular neighborhoods like Midtown, East Memphis, and Germantown offer a variety of housing options, from historic homes to modern properties. Memphis' affordable cost of living, robust public transport, and access to major highways make it all the more popular.
Memphis' inventory levels are influenced by seasonal trends. The market typically experiences an increase in listings during the spring and summer months. Both sellers and buyers are active at this time, as they aim to close deals before the school year begins or winter sets in. Memphis offers a unique lifestyle with its urban amenities and Southern charm, which drives demand from both local and out-of-state buyers. Popular neighborhoods like Midtown, East Memphis, and Germantown offer a variety of housing options, from historic homes to modern properties. Memphis' affordable cost of living, robust public transport, and access to major highways make it all the more popular.
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Memphis
Memphis Housing Demand
The Memphis, Tennessee, real estate market has shown a healthy level of competition recently. 16.5% of houses in Memphis sell above their list price. On the other hand, price reductions have increased to 25.2% of all Memphis listings, which reflects a shift in pricing strategies. Moreover, the sale-to-list price ratio is as low as 95.5%. This means that sellers typically receive less than their asking price, and buyers have plenty of room for negotiation.
Sellers can price their house accurately from the start or offer concessions in order to avoid price reductions. With a sale-to-list price ratio under 100%, buyers are likely to negotiate for lower offers. If you're a buyer, focus on homes with extended listing periods. Additionally, consider properties with previous price reductions, as these may give you more leverage.
Sellers can price their house accurately from the start or offer concessions in order to avoid price reductions. With a sale-to-list price ratio under 100%, buyers are likely to negotiate for lower offers. If you're a buyer, focus on homes with extended listing periods. Additionally, consider properties with previous price reductions, as these may give you more leverage.
Homes Sold Above List Price
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Strong
Buyer
Buyer
Balanced
Seller
Strong
Seller
Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Memphis Housing Market: When to Buy or Sell?
Memphis' housing market shifts between buyer-friendly and seller-friendly conditions based on seasonal trends, similar to the broader Tennessee real estate market. When competition is low and inventory increases, buyers have more opportunities for negotiation. Conversely, sellers can benefit from higher prices and quicker sales when demand outpaces supply.
Moreover, if the months of Memphis' housing supply rise above the balanced conditions of the US real estate market (5 to 6 months), buyers may have more time to explore their options. Understanding these market dynamics can help you strategically time your purchase or sale.
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Frequently Asked Questions
How have Memphis house prices changed over the past year?
The median home price in Memphis has dropped slightly over the past year, and currently sits at $180,000. The market has remained stable, and sellers adjust their pricing strategies to keep up with demand. Consider using our free home value estimator to assess your property's current market value.
What are Memphis real estate market predictions for 2025?
Home prices in Memphis are expected to grow at a steady pace in 2025. The market remains attractive to buyers due to its affordability compared to other major cities. However, rising mortgage rates across the Tennessee housing market may be a challenge.
What's the average home price in Memphis, TN?
The median home price in Memphis, TN, depends on the property type. Single-family homes average $185,000, while condos typically cost around $165,000. If you're looking to buy, there are cheap houses for sale in Memphis, TN, that can fit your budget.
Is this a good time to buy a home in Memphis, TN?
To determine if now is a good time to buy, check the current housing market trends in Memphis. Buyers can benefit from steady prices and low competition. If mortgage rates remain stable and inventory levels are sufficient, now could be an ideal time to purchase in Memphis.
How is the housing market right now in Memphis?
The housing market in Memphis, TN, is steady, with moderate demand. Homes stay on the market for a reasonable amount of time, and while competition is present, it is not as intense as in other large cities. The Memphis market holds opportunities for both buyers and sellers.
When will the Memphis housing market crash?
According to housing market forecasts, the Memphis market is unlikely to crash. Home prices are expected to rise gradually in the coming years, with consistent growth projected through 2025. The market will likely remain stable due to the city's affordable housing and steady demand.
How to buy a home in Memphis?
The process of buying a home in Memphis starts with setting a budget and securing mortgage pre-approval. Once that is in place, buyers can search for homes for sale in Memphis, submit offers, obtain financing, and proceed to close the deal.
How can I list my home for sale in Memphis, TN?
You can list your home for sale with a Flat Fee MLS Tennessee listing service. High-tech MLS listing sites like Houzeo will assign the appropriate paperwork based on your location, helping you save on traditional agent commissions.🚀
What is the average mortgage rate for buyers in Memphis?
The average mortgage rate for buyers fluctuates between 6.8% and 7%. It depends on the market and the borrower's credit score. Always check current rates with lenders.
What is the cost of living in Memphis, TN?
Memphis' cost of living is 10% lower than the national average. What's more, housing costs are 14% less than the US median, and utility costs are 19% lower. The typical single-family home in Memphis costs $185,000, with regional variations in prices. Other essential expenses, such as food, transportation, and healthcare, are also more affordable compared to the national average.
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