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.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Buyer's Advantage
|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|
|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.
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|