Memphis, Tennessee started 2024 with a total of 1,293 single-family homes on the market, with a median home price of $184,900 and an average price per square foot of $144.51. By the end of the year, inventory had increased to 1,476 homes on the market (+14%), with a median home price of $208,250 (+13%), and an average price per square foot of $157 (+8%).
At the start of 2024, the median days on market (DOM) was 70 days – by the end of the year, median DOM had increased to 84 days.
Memphis, Tennessee started the year with 44.39% 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 44.58% of homes for sale had taken a price cut.
