Your Summer 2023 Market Update
Rising interest rates, inventory shortages, creative financing options…
What exactly is going on with our local real estate market?
While you may have seen media coverage and speculation buzzing around on social media, there’s a lot of nuisances behind what is truly going on with our local market in the Greater Memphis Area. And it’s important to know the difference in national real estate coverage and local. We’re here to bring you an update on our local market and what you should know.
The Numbers
See below from the month of May comparing May 2023 vs. May 2022 by parts of the City. Don’t see your area? Let us know and we will be happy to send information to you.
Sales are down
We are trending down in units sold as we see many clients holding onto their homes due to lower interest rates previously locked in. Inventory remains low.
Sellers can expect longer days on market
Additionally, we are seeing longer days on the market. Inventory is still low, but there is a small pool of buyers that are willing to move, many of which are moving due to life stage/out of a necessity to move. We aren’t seeing people moving just “to move” but because bigger life changes and needs. If you’re a seller, longer days on market means we need to set expectations. Your home may take longer to sell, but we also have some good news.
Prices are holding steady
We are seeing most average sales prices hold consistent year over year across the board. There are some suburbs experiencing a slight dip, but for the most part home values aren’t decreasing and are holding steady. This means, that while you may not sell your home as quickly, if you are in the right position to sell and have equity in your home, you can still make a return depending on your circumstances.
So.. what can buyers expect?
Buyers beware. Just because you are seeing longer days on market and less inventory, doesn’t mean that you won’t see multiple houses on homes that hit the market and are move-in ready. Homes that are well taken care of are highly sought after and when buyers see these homes hit the market, they are jumping. However, it does mean that if you are willing to look at homes that have sit on the market for longer, you may be able to offer under asking. This of course, is at the discretion of your needs and your agent’s advice.
What does this mean for me?
It may be time to schedule a call with your Agent to talk more about the market and get your questions answered. We are happy to dive into your personal situation to advise you on the best approach for your real estate needs. Don’t have an agent? We are happy to connect you with one the trusted agents on our team. Email us at info@reidrealtors.com or call us at 901.372.8500.
