From the Memphis Area Association of Realtors
Memphis Area Association of Realtors (MAAR) tracks home sales in the Memphis area each month. As of 2011, the official market reports are pulled around the first of each month for sales recorded in the previous month, e.g., January sales numbers are pulled the first week of February. Monthly Multiple Listing Service (MLS) sales reports are generated around the 15th of each month for sales in the previous month.
According to the MAARdata, in July 2022, Memphis homes were selling for a median price of $165,000, Memphis homes on average sell after 40 days on the market compared to 121 days last year. There were 1947 homes sold in Memphis for July this year, up from 189 last year.
Additionally home values rose 11.2% over July 2021. For the past two years the market has been strictly a seller’s market (or hard market) with buyers having to offer above appraisal value, forego inspection contingencies, and even pay for seller’s closing expenses in order to win a home because money was inexpensive to borrow and a lot of people were able to afford it. With interest rates on the rise, some buyers are no longer able to compete with successful bids and are out of the market.