Thu Dec 01 2022
This week the median list price for Memphis, TN is $189,900 with the market action index hovering around 43. This is less than last month's market action index of 45. Inventory has held steady at or around 1,019.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
|Median List Price||$189,900|
|Median Price of New Listings||$149,900|
|Per Square Foot||$136|
|Average Days on Market||71|
|Median Days on Market||42|
|Slight Seller's Advantage|
Prices hit another all time high this week. Given current conditions, prices continue to march higher. A persistent drop of the Market Action Index into the Buyer’s zone will be a leading indicator of the price strength subsiding.
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||2,699||0.25 - 0.5 acre||4||3||37||27||23||42|
|$249,900||1,699||8,000 - 10,000 sqft||3||2||66||31||26||49|
|$145,000||1,299||8,000 - 10,000 sqft||3||2||65||63||46||35|
|$74,000||1,099||6,500 - 8,000 sqft||3||1||73||39||32||49|