Memphis, Tennessee, experienced a thriving real estate market in October 2023, with the third-highest number of total home sales for the month. According to the latest report from the Memphis Area Association of Realtors, a total of 1,489 homes were sold, following June’s record-breaking 1,762 sales and August’s 1,591 sales. This consistent performance indicates a robust housing market in the city.
One interesting trend observed in October was the surge in new home sales. A total of 70 new homes were sold, with an average price of $521,346. This reinforces the growth and appeal of Memphis as a desirable location for both existing and new constructions.
Analyzing the market’s active listings also reveals valuable insights. October boasted the highest number of listings for the year, with 3,668 units available for purchase. These listings had an average price of $356,083. September ranked second with 3,542 units, while July secured the third position with 3,446 units. The higher number of active listings indicates a healthy inventory for potential buyers to choose from.
1. Highest Sales Price: Germantown emerged as the neighborhood with the highest sales price in October, with homes averaging $624,029. This marked a notable 14% increase since September, highlighting strong demand and rising property values in Germantown.
2. Most Homes Sold: East Memphis topped the list for the most homes sold in October, with 191 units sold. Although this represents a 9% decrease from September when 212 units were sold, it continues to demonstrate the popularity and market activity in East Memphis.
3. Lowest Sales Price: Berclair and Highland Heights recorded the lowest sales price in October, with homes averaging $85,162. This marked a significant 22% drop from September, indicating a potential market shift in this area.
Q: How much income do Memphis homebuyers need to afford a median-priced home?
A: To afford a median-priced home in Memphis, homebuyers typically need a specific income based on various factors such as down payment, mortgage rates, and debt-to-income ratio. It is recommended to consult with mortgage lenders or financial advisors for a personalized calculation.
Q: Which neighborhood had the fewest homes sold in October in Memphis?
A: Southwind recorded the fewest number of units sold in October, with only eight homes sold. This represents a 20% decrease from September’s ten units sold.
These insights into Memphis real estate for October 2023 demonstrate the dynamic nature of the city’s housing market. Buyers seeking higher-priced options may find Germantown appealing, while East Memphis continues to attract a large number of buyers. Berclair and Highland Heights offer more affordable housing options, while Southwind saw a slower sales month. It’s essential for potential buyers and sellers to stay informed about market trends in different neighborhoods to make informed decisions.