In October, home prices fell substantially from the month before, with a median listing price of $192,450.
The number of listings on the market grew 1.0% from last month, which is typical for this time of the year in Memphis, and homes are also selling slower than at the same time last year.
Home prices in Memphis
Typically, home price per square foot in Memphis tend to rise in October. And the most recent data shows that the price per square foot increased by 21.3% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.8%, which means price changes in Bluff City are outpacing the national market.
Memphis inventory
In October, there were 2,305 homes for sale in Memphis, which was 1.0% more than the month before and 20.4% more than the same time last year.
Meanwhile, active inventory across the nation remained practically unchanged from last month to 1,100,001.
The number of new listings in Memphis was 628, which was 4.6% less than the month before and 1.9% more than the same time last year.
Nationally, the number of new listings fell by 2.7% from last month to 384,264.
Time on market
Homes in Memphis take an average of 70 days to sell, according to October figures.
This is four days more than the previous month and five days more than the same month last year.
For comparison, nationally homes spent an average of 63 days on the market in October.
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.