"In December, Memphis saw its active listing count soar to 2,123, marking an impressive 20.7% increase compared to the same time last year. This was a significant rise above the national increase of 12.1%. While the number of newly listed homes in Memphis dipped to 446, a 9.3% decrease from the previous year, the overall swell in inventory signaled that homes were lingering on the market longer, creating a prime environment for buyers to explore their options."
"The Memphis market witnessed a significant drop in the median listing price, falling to $185,000 and reflecting a 9.5% decrease year-over-year. This was a stark contrast to the national trend, where the median listing price decreased by only 0.6%. The notable decline in Memphis's prices, along with an elevated share of price reductions at 17.1%, underscored the potential for buyers to secure attractive deals."
"Homes in Memphis spent a median of 80 days on the market in December, representing a 15.2% increase from the previous year. This was longer than the national median of 73 days, which saw only a 5.0% increase year-over-year. The extended time on the market, coupled with rising inventory, offered buyers the luxury of more time to make informed decisions in this evolving market."
In December, active listings in Memphis rose to 2,123, a 20.7% year-over-year increase, outpacing the national 12.1% rise. Newly listed homes declined to 446, down 9.3% year-over-year, indicating fewer new entries despite higher overall inventory. The median listing price fell to $185,000, a 9.5% decrease year-over-year, while price reductions reached 17.1%, creating buyer leverage. Homes spent a median of 80 days on market, a 15.2% increase year-over-year and longer than the national 73 days. Elevated inventory, longer listing times, and lower prices afforded buyers more negotiation opportunities.
Read at SFGATE
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