Top Large Teams in Memphis, Tennessee – Ranked by Sides

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    • Rank – City SidesTeam NameCompanyLocationSidesProfile
    1The Layson GroupKeller WilliamsMemphis, TN 190.9View Profile

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    2023 Memphis, Tennessee Housing Market Summary

    Memphis, Tennessee started 2023 with a total of 861 single-family homes on the market, with a median home price of $189,000 and an average price per square foot of $137. By the end of the year, inventory had increased to 1,353 homes on the market (+57%), with a median home price of $184,900 (-2%) and an average price per square foot of $144 (+5%).

    At the start of 2023, the median days on market (DOM) was 63 days – by the end of the year, median DOM had increased to 70 days.

    Memphis started the year with 41% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 44% of Memphis homes for sale had taken a price cut.

    Finally, Altos’ proprietary Market Action Index (MAI) shows that Memphis started 2023 as a strong seller’s market, with an MAI score of 45; by the end of the year, the MAI had dropped to 33 – a balanced buyer and seller’s market.

    This market summary is powered by Altos Research – click here to run a free report for your area.

    Housing Market News

    AdobeStock_250556333

    Lower mortgage rates attracting more homebuyers 

    Sep 16, 2024By

    An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

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