Bryan Realty
Memphis, TN 38117
Single-Family Homes
Market Report / michael@bryanrealty.com
Memphis, TN 38117
Fri Apr 26 2024
This week the median list price for Memphis, TN 38117 is $324,500 with the market action index hovering around 39. This is an increase over last month's market action index of 37. Inventory has decreased to 114.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.
Real-Time Market Profile
| Median List Price | $324,500 | |
| Median Price of New Listings | $288,000 | |
| Per Square Foot | $194 | |
| Average Days on Market | 89 | |
| Median Days on Market | 46 | |
| Price Decreased | 54% | |
| Price Increased | 4% | |
| Relisted | 9% | |
| Inventory | 114 | |
| Median Rent | ||
| Market Action | 39 | |
| Slight Seller's Advantage | ||
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.
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 |
|---|---|---|---|---|---|---|---|---|
| $792,400 | 4,000 | 0.25 - 0.5 acre | 4 | 4 | 39 | 2 | 2 | 49 |
| $383,500 | 1,850 | 0.25 - 0.5 acre | 3 | 2 | 68 | 1 | 5 | 35 |
| $265,000 | 1,400 | 8,000 - 10,000 sqft | 3 | 2 | 70 | 4 | 3 | 49 |
| $199,900 | 1,200 | 6,500 - 8,000 sqft | 3 | 1.5 | 68 | 3 | 3 | 70 |