Bryan Realty
Memphis, TN 38120
Single-Family Homes
Market Report / michael@bryanrealty.com
Memphis, TN 38120
Tue Apr 23 2024
This week the median list price for Memphis, TN 38120 is $509,450 with the market action index hovering around 33. This is about the same as last month's market action index of 33. Inventory has increased to 60.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
The market remains in a relative stasis in terms of sales to inventory. Prices have not been moving higher for several weeks. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up persistently, prices are likely to resume an upward climb.
Real-Time Market Profile
| Median List Price | $509,450 | |
| Median Price of New Listings | $535,000 | |
| Per Square Foot | $186 | |
| Average Days on Market | 99 | |
| Median Days on Market | 49 | |
| Price Decreased | 53% | |
| Price Increased | 2% | |
| Relisted | 7% | |
| Inventory | 60 | |
| Median Rent | ||
| Market Action | 33 | |
| Slight Seller's Advantage | ||
Prices in this zip are remaining at a plateau, albeit significantly below the market’s peak. This week prices bumped down a bit, but not enough to indicate a resumed downward trend. Look for a persistent up-shift in the Market Action Index before we see prices significantly move from these levels.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $1,525,000 | 6,000 | 0.5 - 1 acre | 5 | 4.5 | 39 | 2 | 1 | 56 |
| $619,000 | 4,000 | 0.25 - 0.5 acre | 4 | 3 | 45 | 3 | 2 | 63 |
| $419,900 | 2,800 | 0.25 - 0.5 acre | 4 | 2.5 | 51 | 2 | 1 | 35 |
| $329,900 | 1,800 | 8,000 - 10,000 sqft | 3 | 2 | 60 | 2 | 2 | 49 |