In November, home prices rose moderately from the month before, with a median listing price of $195,000.
The number of listings on the market shrank 2.0% from last month, which is a bigger decrease than normal 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 November. And the most recent data shows that the price per square foot increased by 0.3% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 1.2%, which means price changes in Bluff City are outpacing the national market.
Memphis inventory
In November, there were 2,275 homes for sale in Memphis, which was 2.0% less than the month before and 15.2% more than the same time last year.
Meanwhile, active inventory across the nation fell by 2.5% from last month to 1,072,266.
The number of new listings in Memphis was 564, which was 10.5% less than the month before and 4.1% less than the same time last year.
Nationally, the number of new listings fell by 14.1% from last month to 330,908.
Time on market
Homes in Memphis take an average of 74 days to sell, according to November figures.
This is four days more than the previous month and seven days more than the same month last year.
For comparison, nationally homes spent an average of 64 days on the market in November.
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.