Top Real Estate Agents in Memphis, Tennessee

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2023 Memphis, Tennessee Housing Market Summary

Memphis, Tennessee started 2023 with a total of 861 single-family homes on the market, with a median home price of $189,000 and an average price per square foot of $137. By the end of the year, inventory had increased to 1,353 homes on the market (+57%), with a median home price of $184,900 (-2%) and an average price per square foot of $144 (+5%).

At the start of 2023, the median days on market (DOM) was 63 days – by the end of the year, median DOM had increased to 70 days.

Memphis started the year with 41% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 44% of Memphis homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Memphis started 2023 as a strong seller’s market, with an MAI score of 45; by the end of the year, the MAI had dropped to 33 – a balanced buyer and seller’s market.

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