2022 November Real Estate Numbers in Memphis
Hey Folks. Here is my November 2022 market update on the greater Memphis market by area. When looking at values, appraisers look at the past. They can go back up to 6 months to figure out what a home is worth. In today’s market that is tough. Our team and I are trying to go back no further than 2 months, as that is when we really saw a softening of the market. Is it a good time to sell? Sure, it is. The best time to sell is when you have a want or need, and there are always reasons TO go on the market and reasons NOT TO. Turnover shows us demand, and while the market has softened, your values are still way up there compared to a few years ago. Okay, let’s get into the numbers. I’ll break it down by areas…
Overall, there are currently 4061 active residential properties. Of these 1596 are pending (meaning they are under contract) with 2465 active properties for sale (single-family homes and condos). By area, it looks like this.
GERMANTOWN has 126 total, with 43 pending and 83 for sale. Below $450k is the hot spot.
COLLIERVILLE has 245 total, with 117 pending and 128 active (very solid).
ARLINGTON has 89 total with 36 pending and 53 active.
LAKELAND has 78 total with 38 pending and 40 active (red hot).
BARTLETT has 167 total with 79 pending and 88 active (hot).
Cordova has 359 total, with 153 pending and 206 active (solid),
DOWNTOWN has 492 total with 132 pending and 360 active (the weakest of the ones I reviewed).
FAYETTE COUNTY has 299 total with 112 pending and 187 active (Oakland and Somerville are doing fine).
TIPTON COUNTY has 139 total, with 58 pending and 81 active (very solid).
If you are considering a move let’s schedule a meeting to at least discuss the market. I LOVE REFERRALS and would appreciate anyone you might send my way. While realtors are a dime a dozen right now, there is a reason the top 15% consistently sell most of the homes. No one puts as much care and time into helping you make your move a profitable, smooth one. Call or text me anytime at 901-406-3224.