In July, home prices fell substantially from the month before, with a median listing price of $209,725.
The number of listings on the market grew 7.3% 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 July. But the most recent data shows that the price per square foot decreased by 10.0% compared with the month before.
So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 0.9%, which means price changes in Bluff City are larger the national market.
Memphis inventory
In July, there were 2,175 homes for sale in Memphis, which was 7.3% more than the month before and 21.4% more than the same time last year.
Meanwhile, active inventory across the nation rose by 1.9% from last month to 1,102,787.
The number of new listings in Memphis was 692, which was 16.4% less than the month before and 5.8% more than the same time last year.
Nationally, the number of new listings fell by 3.9% from last month to 434,816.
Time on market
Homes in Memphis take an average of 61 days to sell, according to July figures.
This is one day more than the previous month and eight days more than the same month last year.
For comparison, nationally homes spent an average of 58 days on the market in July.
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.