Memphis Housing Market: A Detailed Analysis for November 2024
The Memphis, TN metro area housing market in November 2024 presents a complex landscape characterized by both declines and growth across various metrics. The Median Sales Price has decreased to $271,000, reflecting a 3.0% year-over-year decline. Similarly, the Median List Price has fallen by 2.2% to $273,700. Despite these decreases, the median Price Per Square Foot has seen a modest increase of 1.2%, reaching $151.69, indicating a nuanced shift in pricing dynamics.
In terms of sales activity, the market has experienced a positive trend. The number of Homes Sold has risen by 6.0% year-over-year, totaling 1,114 units. Pending Sales have also increased by 3.7%, with 1,216 transactions awaiting closure. However, New Listings have decreased by 7.7%, amounting to 1,224, which could suggest a tightening in the availability of new properties entering the market.
Inventory levels have seen a slight increase of 1.4%, with 4,064 homes available, while the Months of Supply have significantly decreased by 20.0% to 3.6 months. This reduction in supply could indicate a faster turnover of available homes, potentially driven by increased buyer activity. The Median Days on Market remain unchanged at 43 days, suggesting stability in the time it takes for homes to sell.
The average sale to list ratio has experienced a minor decline of 0.2%, now standing at 96.7%. The percentage of Homes Sold above list price has dropped by 4.7% to 12.3%, reflecting a shift in buyer-seller negotiations. Additionally, the proportion of Price Drops has increased by 1.8%, reaching 26.2%, which may indicate sellers adjusting expectations in response to market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased by 4.5%, now at 28.3%. This could suggest a slight slowdown in the speed at which homes are being snapped up, potentially due to the increased inventory and changing buyer preferences.
Overall, the Memphis housing market in November 2024 is characterized by a mix of declining prices and increased sales activity, with inventory levels and market dynamics reflecting a complex interplay of supply and demand factors.
