Bryan Realty
Memphis, TN 38120
Single-Family Homes
Market Report / michael@bryanrealty.com
Memphis, TN 38120
Mon Dec 11 2023
This week the median list price for Memphis, TN 38120 is $515,000 with the market action index hovering around 29. This is less than last month's market action index of 31. Inventory has increased to 55.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Buyer's Advantage
The market has been consistently cool for several weeks. Demand level are low relative to the available inventory. It's a Buyer's market and prices continue to fall. Look for a persistent shift in Market Action before prices plateau or begin to rise again.
Real-Time Market Profile
| Median List Price | $515,000 | |
| Median Price of New Listings | $346,000 | |
| Per Square Foot | $190 | |
| Average Days on Market | 96 | |
| Median Days on Market | 84 | |
| Price Decreased | 64% | |
| Price Increased | 0% | |
| Relisted | 11% | |
| Inventory | 55 | |
| Median Rent | ||
| Market Action | 29 | |
| Slight Buyer's Advantage | ||
Again this week in this zip code we see a downward notch for prices. Pricing has been weak in recent weeks and versus their absolute-high level. At this point, we will be looking for a persistent upward shift in the Market Action Index as a leading indicator for a trough in prices.
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 |
|---|---|---|---|---|---|---|---|---|
| $1,125,000 | 5,000 | 0.5 - 1 acre | 5 | 4.5 | 34 | 0 | 0 | 105 |
| $630,000 | 3,300 | 0.25 - 0.5 acre | 4 | 3 | 55 | 1 | 1 | 77 |
| $407,250 | 2,300 | 0.25 - 0.5 acre | 3 | 2.5 | 58 | 2 | 4 | 52 |
| $304,499 | 1,600 | 0.25 - 0.5 acre | 3 | 2 | 64 | 3 | 1 | 80 |