"In November, home prices rose moderately from the month before, with a median listing price of $195,000. The number of listings on the market shrank 2.0% from last month, which is a bigger decrease than normal for this time of the year in Memphis, and homes are also selling slower than at the same time last year. Home prices in Memphis Typically, home price per square foot in Memphis tend to rise in November."
"So, how does this compare with the rest of the U.S.? Nationally, home price per square foot decreased 1.2%, which means price changes in Bluff City are outpacing the national market. In November, there were 2,275 homes for sale in Memphis, which was 2.0% less than the month before and 15.2% more than the same time last year. Meanwhile, active inventory across the nation fell by 2.5% from last month to 1,072,266."
Median listing price in Memphis rose to $195,000 in November. The number of listings decreased 2.0% from last month, a larger than normal seasonal decline, while inventory remained 15.2% higher year‑over‑year with 2,275 homes for sale. Price per square foot increased 0.3% month‑over‑month, compared with a 1.2% national decrease. New listings totaled 564, down 10.5% from the month before and down 4.1% year‑over‑year. Homes averaged 74 days on market, four days more than the prior month and seven days longer than last year. Nationally, active inventory fell 2.5% and average time on market was 64 days.
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