The latest homes sales report for Memphis showed a whopping 34% decrease in home sales for May. This was not a huge surprise as every industry was hit hard during the peak of the pandemic. Despite a decrease in sales, homes moved a little faster, as we saw the average days on market decreased by 4 days. and values in were up by 4% ($249,390) from this time last year ($239,679). Condominium prices were also up significantly by 14% ($197,791) compared to the average sales price we saw last year ($158,584). (Shelby County Only)
The median residential price for a single-family home was $249,390, and for condos, it was $197,791. This compares to last year’s median residential and condo prices of $239,679 and $173,544 respectively.
There were 883 pending sales at the end of April. The average number of days on the market for a single-family home was 34 days.
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All housing data has been procured from local MLS stats. Please speak with a local Realtor® to confirm stats for your specific area before buying or selling a home.