Memphis Housing Market 2022: Prices, Trends & Forecast
The Memphis housing market continues to make headlines. It was touted as one of the best housing markets of 2022 before the year began. Since then, it has seen brief periods of stabilization followed by price increases. The market volatility has made some weary, but there’s no reason to be. Read on to learn everything you need to know about the Memphis housing market prices, trends, and forecasts.
Memphis Housing Market Prices
According to Redfin data, Memphis housing market prices are down compared to last year, but not by much. All housing types have a median price of approximately $177,250. That’s a slight decrease of 1.5% year over year.
Single-family homes remain the most popular housing type in the Memphis housing market. These housing types have a median price of $175,000, a decrease of almost 5% year over year.
Townhouses, on the other hand, saw a drastic price increase. The average cost of a townhouse on the Memphis housing market is $220,000, an increase of approximately 72%. This is the most significant price increase seen in the Memphis housing market. It shows an imbalance of supply and demand regarding housing types. There are not enough townhouses to meet demand, which results in the price skyrocketing.
Houses in the condos and co-ops category also saw an increase. The median price of houses in this category is $200,000, an 18% increase from last year.
This is a significant change compared to earlier in the year. According to this article, the Memphis housing market was trending more toward normal in August and September. Prices only increased at low rates, making this astounding appreciation a surprise for the housing market.
However, the Memphis housing market has become known for its high appreciation throughout 2022, so this is a bit expected.
Memphis Housing Market Trends
In October 2022, approximately 502 homes were sold on the Memphis housing market. That’s a decrease of approximately 52% year over year. On average, homes spend 34 days on the market, an increase of 2 days compared to last year.
Single-family homes continue to sell on the Memphis housing market. About 475 of the houses sold fell into this category. While that’s a significant number, sales are down compared to last year. This was a decrease of 25% year over year. Single-family homes also spent longer on the market. On average, these houses sold in 34 days, which is 2 more days compared to last year.
Townhouses are not very popular in this market, which is understandable given the steep increase in price. Only 6 of the houses sold fell into the townhouse category. Townhouses spend an average of 33 days on the market, which is up six days compared to last year.
Condos and co-ops saw a decrease in sales, but they are more popular than townhouses right now. About 32 of the houses sold on the Memphis housing market fell into this category, a decrease of almost 16% year over year. Condos and co-ops spend an average of 27 days on the market, a decrease of two days compared to last year.
Memphis Housing Market Forecast
The Memphis housing market will continue to remain strong. Memphis has a strong employment rate. According to this article, it remains a desirable market for businesses, investors, buyers, and sellers.
The high appreciation seen in the Memphis housing market is one of the reasons it has remained so popular. Real estate investors see it as an excellent short-term investment, and it is. Those that buy properties will enjoy being able to make money off of them in mere months.
The Memphis housing market is famous among every buyer. Home buyers see a positive future in the strong economy, and many are eager to settle in Memphis. Investors are interested in both short and long-term investments. Even businesses are getting in on the competition to score properties in this promising area.
The market will continue to be a seller’s market for quite some time. Sellers are experiencing a slight downturn in sales due to increasing prices, but that doesn’t mean the market will experience a substantial downturn. Instead, it will stabilize until the prices start to go down. Then, as people grab up properties, the prices will rise again.
However, this can result in sellers have a hard time selling properties as fast as they need to. To sell your home fast, try selling to a cash buyer. You can find cash buyers in Memphis here!
The volatility in the market has come to be expected. It results in downturns being short-lived. While many predict that the Memphis housing market will return to normal, that is a long way off.
The Memphis housing market is one of the few great markets for everyone. Buyers can shop around and find a house in a desirable neighborhood. The strong economy and job growth guarantee that buyers will be happy with their purchases years from now.
Sellers enjoy the appreciation in the market, and real estate investors are advised to make sure that they capitalize on this housing market to enjoy huge gains on properties purchased. Need to sell a home in Memphis? Contact us today. We buy houses in Memphis!
Although this housing market is booming for buyers, sellers and investors, there are cheaper housing markets that remain popular, too. Check out the Columbus housing market or the Cleveland housing market too!