RealTrends Market Report
Memphis, TN
Single-Family Homes
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Memphis, TN
Sun Dec 10 2023
This week the median list price for Memphis, TN is $179,999 with the market action index hovering around 37. This is less than last month's market action index of 38. Inventory has increased to 1,438.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Market conditions have been consistently cooling in the past several weeks. Because we’re still in the Seller’s zone, prices have not yet begun to drop. It may take a few more weeks of slack demand for prices to reflect and begin to fall. Expect prices to fall if the index persistently falls to the Buyer’s zone.
Real-Time Market Profile
| Median List Price | $179,999 | |
| Median Price of New Listings | $157,500 | |
| Per Square Foot | $139 | |
| Average Days on Market | 97 | |
| Median Days on Market | 70 | |
| Price Decreased | 49% | |
| Price Increased | 4% | |
| Relisted | 7% | |
| Inventory | 1,438 | |
| Median Rent | ||
| Market Action | 37 | |
| Slight Seller's Advantage | ||
This week saw relatively little price change from last week. However, prices continue to demonstrate a nice up trend over the last several weeks.
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 |
|---|---|---|---|---|---|---|---|---|
| $449,900 | 2,600 | 0.25 - 0.5 acre | 4 | 3 | 59 | 20 | 41 | 70 |
| $239,000 | 1,600 | 8,000 - 10,000 sqft | 3 | 2 | 65 | 44 | 40 | 49 |
| $140,000 | 1,200 | 8,000 - 10,000 sqft | 3 | 1.5 | 65 | 56 | 33 | 56 |
| $89,900 | 1,000 | 6,500 - 8,000 sqft | 3 | 1 | 72 | 32 | 38 | 87 |