Thu Sep 21 2023
This week the median list price for Memphis, TN 38117 is $320,000 with the market action index hovering around 41. This is less than last month's market action index of 43. Inventory has increased to 105.
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Seller's Advantage
|Median List Price||$320,000|
|Median Price of New Listings||$297,500|
|Per Square Foot||$179|
|Average Days on Market||61|
|Median Days on Market||42|
|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.
Each segment below represents approximately 25% of the market ordered by price.
|Median Price||Sq. Ft.||Lot Size||Beds||Bath||Age||New||Absorbed||DOM|
|$794,000||4,074||0.25 - 0.5 acre||5||3.5||62||2||3||84|
|$377,450||1,899||0.25 - 0.5 acre||3||2||68||6||4||31|
|$264,950||1,499||8,000 - 10,000 sqft||3||2||67||3||4||38|
|$189,000||1,299||6,500 - 8,000 sqft||3||1.5||68||7||3||28|