Published November 17, 2022
Your Memphis Real Estate Update
It is still a strong seller’s market in Memphis, TN.
How long is it taking houses to sell, and what is the month’s supply of homes? As you may recall, according to the National Society of Realtors, anything less than five months worth of supply of homes is a seller’s market. Further, there has never been a case where housing prices went down in America when there was less than a six-month supply of homes.
Where are we today? A few months ago, we were looking at around a month’s supply of homes, more or less. In Germantown and Collierville, there is currently a 1.3- to 1.5-month supply of homes. This has increased slightly but not significantly. We are seeing similar numbers in Bartlett and Arlington, with just over and just under one month’s supply of homes, respectively. In Lakeland, there are roughly two months of supply, and 1.8 months in East Memphis. Finally, there are 1.6 months of supply in Downtown and 2.4 months of supply in Midtown.
As you can see, it is far from the time to panic. Prices are not going down at all; they just aren’t going up by the 1% to 2% per month that we saw previously. If you have any questions or concerns about your home, please call or email us; we’d be happy to go over your specific area and situation. If you know someone interested in selling, we’d gladly talk to them.
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