Memphis buyers regain leverage as homes take 84 days to sell

"The Memphis housing market shifted further into buyer-favorable territory this week, with 45.2% of active listings taking price reductions while homes sat on the market for a median of 84 days. The metro's 4,455 active single-family listings represent a 17.6% increase from the same period last year, creating the region's strongest negotiating position for buyers in recent memory. Price adjustments dominated the Memphis market landscape, with nearly half of all sellers reducing their asking prices compared to just 1.5% who raised prices."

"The median list price settled at $335,000, down from $345,000 a year ago, while the price per square foot reached $159.3. Memphis recorded 4.4 months of housing supply, exceeding both Tennessees 3.7 months and the national average of 2.9 months. The metro absorbed 246 homes during the week, a 30.5% decline from the 354 homes absorbed during the same period in 2024. New listings totaled 227 for the week, while 5.9% of properties were relisted after previously being removed from the market."

"The $335,000 median list price in Memphis sits well below Tennessee's $439,750 median and the national median of $435,000. At $159.3 per square foot, Memphis homes cost significantly less than the state average of $219.4 and the national average of $213.1. Properties requiring price cuts saw median reductions that reflect the market's shift toward buyers, though the exact reduction percentages varied by property and location within the metro."

Memphis housing market shifted deeper into buyer-favorable territory as 45.2% of active listings reduced prices and homes had a median market time of 84 days. Active single-family listings totaled 4,455, up 17.6% year-over-year, while weekly absorption fell to 246 homes, a 30.5% drop from 2024. Median list price declined to $335,000 and price per square foot was $159.3. Months of supply reached 4.4, above Tennessee's 3.7 and the national 2.9. New listings numbered 227 and 5.9% of properties were relisted after removal. Inventory growth and slower absorption strengthened buyer negotiating power.

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