The real estate market in Memphis has been trending upward for the last couple of years and shows no signs of slowing down. In 2021, there were over 22,000 residential properties sold in the Memphis market, a 13% increase from 2020. The median home price has also increased, currently sitting at $205,000, an almost 16% jump from 2020’s median price of $177,000. We’ve broken down the market for 2021 to review the changes, how they compared to 2020, and what this may mean for the real estate market ahead.
How Many Homes Were Available?
In 2021, there were approximately 25,000 residential properties listed for sale in Memphis. Of these,
- 22,263 were sold in 2021, a 13% increase in volume from 2020
- The median sales price was $205,000, a 15.8% increase from 2020
- The average sales price was $214,805, a 12% increase from 2020
The real estate market continues its upward trend, so it’s not surprising that a large percentage of the homes listed sold for more than they would have in 2020.
How Did Foreclosures Look in 2021?
Another positive indicator for our market and the economy here: foreclosures were down about 40% overall in 2021 compared to 2020. Notable months for foreclosures include:
- Over 50% decrease in foreclosures in January, February, and March 2021
- 6.9% decrease in foreclosures in April 2021
- Greater than 15% increase in foreclosure in May, September, and October 2021
- An almost 50% increase in foreclosures in November 2021
- Over 50% decrease in foreclosures in December 2021
With these decreases, foreclosures were down 39.1% for 2021 when compared to 2020, with just 290 foreclosures on record for the Memphis area in 2021.
Which Memphis Areas Saw the Most Homes Sold?
While practically every location in Memphis had an increase in homes sold for 2021, Southwind was one of the most significant with a 45.7% increase. However, the median price for homes in Southwind stayed fairly consistent with just a 4.4% increase showing for 2021. On the other hand, Germantown saw a 6.4% decrease in units sold in 2021 compared to 2020. However, the sale prices were at a higher median price, $415,000, compared to $368,500 in 2020.
What Does this Mean for Trends in 2022?
Overall, the market is continuing to trend upward, and is expected to continue into the remainder of 2022. Those looking to purchase a home in the Memphis area can expect to see higher-priced homes, bidding wars, and offers over the list price. However, having an experienced, knowledgeable agent you can trust is key to selling your current home and buying your next home. Contact Marx-Bensdorf, REALTORS for help in finding your next home today.