"Active inventory surged 22.5% year-over-year, the median list price dropped 13.1%, and homes averaged 74 days on market - longer than both last year and the national pace."
"The median list price fell to $173,008 - a steep 13.1% year-over-year decline, compared to just a 2.1% dip nationally."
"If you're buying in Memphis right now, time is on your side. The typical home spent 74 days on the market in February - 12.2% longer than a year ago."
"For sellers today, that's the playbook: price it right upfront, or watch it sit."
In February, the Memphis real estate market shifted significantly towards buyers, with active inventory increasing by 22.5% year-over-year. The median list price dropped 13.1% to $173,008, far exceeding the national average decline. Homes averaged 74 days on the market, providing buyers with more negotiating power. Sellers are advised to adjust their pricing strategies to attract buyers, as homes that are overpriced tend to linger unsold. The market conditions present a favorable environment for buyers looking for options.
Read at SFGATE
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