Memphis Market Update: Navigating the Numbers in a Shifting Landscape
Hey there, Memphis homebuyers and sellers! Ready to dive into the exciting world of real estate metrics and see how they provide valuable insights for your journey? Here at MLE Realty, we're passionate about empowering you with knowledge, and today we're taking a closer look at some key figures shaping the Memphis market:
2/27/20241 min read
Months Supply of Inventory (MSI): Currently at 3.13, this metric indicates how long it would take to sell all available listings at the current sales pace. A lower number signifies a seller's market, where demand outweighs supply, but a recent increase of 60.51% in the 12-month Change in MSI suggests a shift towards a buyer's market with more available options.
Median Days Homes are On the Market: Rejoice sellers! Homes are moving fast, with a median time of just 33 days on the market. This rapid turnover highlights a competitive landscape.
List to Sold Price Percentage: This metric sits at a healthy 95.7%, indicating that homes are selling close to their asking price. Buyers, be prepared to submit competitive offers to secure your dream property!
Median Sold Price: Currently at $150,000, this figure offers a snapshot of the overall market value in Memphis. Sellers, consider this data when determining a competitive listing price for your property.
The Takeaway:
The Memphis market presents a dynamic landscape with strong demand and swift sales activity. Whether you're buying or selling, understanding these key metrics can empower you to make informed decisions and navigate the market with confidence.
Ready to embark on your real estate journey? Contact the experienced team at MLE Realty today! We'll guide you through every step, from deciphering market trends to securing your dream home or maximizing your selling potential.