In August, home prices fell substantially from the month before, with a median listing price of $200,000.
The number of listings on the market grew 2.6% from last month, which is a smaller increase than normal for this time of the year in Memphis, and homes are also selling at the same pace as the same time last year.
Home prices in Memphis
Typically, home price per square foot in Memphis tend to rise in August. But the most recent data shows that the price per square foot decreased by 1.6% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 1.2%, which means price changes in Bluff City are larger the national market.
Memphis inventory
In August, there were 2,231 homes for sale in Memphis, which was 2.6% more than the month before and 21.7% more than the same time last year.
Meanwhile, active inventory across the nation fell by 0.4% from last month to 1,098,681.
Time on market
Homes in Memphis take an average of 61 days to sell, according to August figures.
This is the same as the previous month and the same as the same month last year.
For comparison, nationally homes spent an average of 60 days on the market in August.
Use the Realtor.com data portal to get more market data, broken down by state, metro or ZIP code.
* Here’s a live look at popular listings and recent home sales in Memphis, TN.