Breaking Down the Numbers: Home Sales in Memphis, TN for March 2023

Are you curious about the current state of the local market? Here's a breakdown of what happened in March 2023.

Home sales were down last month 34% compared to March 2022, with 1,260 home sales recorded in Shelby County. However, the average sale price increased by 5% from last year, with an average price of?$258,134?compared to 244,960 in March of 2022. The median sales price for Shelby County was?$200,000.

Notably, 21% of home sales recorded in March were valued under $100,000. On the other hand, home sales valued over?$300,000?were down 32% in March, with 384 sales recorded compared to 562 last year. In the luxury market, 18 homes sold for over?$1 million?in March 2023.

If we look at the year-to-date data, the number of home sales recorded is down 32% compared to the same period in 2022. Additionally, average sale prices are down 1%.

What does this mean for buyers and sellers? Sellers may need to adjust their expectations and consider pricing their homes competitively to attract potential buyers. Meanwhile, buyers may find more bargaining power in negotiations but should still act concisely if they find a home that meets their needs.

As a realtor in Memphis, TN, I'm here to help you navigate the local real estate market. Whether buying or selling a home, I can provide valuable insights and help you make informed decisions. If you have any questions or want to discuss your options, don't hesitate to contact me. My cell phone number is 901-497-9139.