Mon Apr 06 2020
This week the median list price for Memphis, TN 38117 is $449,000 with the market action index hovering around 49. This is an increase over last month's market action index of 46. Inventory has held steady at or around 71.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
|Median List Price||$449,000|
|Per Square Foot||$158|
|Days on Market||95|
|Strong Seller's Market|
Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.
Each segment below represents approximately 25% of the market ordered by price.
|Median Price||Sq. Ft.||Lot Size||Beds||Bath||Age||New||Absorbed||DOM|
|$899,900||5,249||0.5 - 1 acre||5||4||31||1||3||157|
|$607,000||3,599||0.5 - 1 acre||4||3||65||1||0||138|
|$349,950||2,499||0.25 - 0.5 acre||4||2||65||4||4||59|
|$206,950||1,299||8,000 - 10,000 sqft||3||2||65||7||8||26|