Your Real Estate Market Update From your Reid Realtors team
Have you heard? Last week, interest rates dropped under 6% after a slower month of August. Here’s a look at the current market and some expectations as we head into Fall and the holiday season:
The market remains stable with a slower August but growth still present year over year.
More housing options are becoming available for buyers with inventory increasing.
We anticipate more buyers entering the market this Fall with interest rates dropping.
Let’s dive into more numbers and insights below.
The Numbers
Below highlights overall themes and trends based on the Greater Memphis Area. For a detailed breakdown by suburb, visit our website below.
Numbers by Market:
When comparing data Year over Year, you can see that there has been increase in homes (units) sold – up 4% year to date. However, the month of August dipped YOY by 8.5%. Average Sales Price remains stable for the Memphis market with slight decrease of .2%. More details per city are available on our website.
The market remains stable and shows growth year over year.
August is typically a slower time of year for real estate with back to school season. This August sales were down 8.5% from 2023 while year-to-date overall 2024 sales remain higher than 2023 with a 4.1% increase.
While there has been more volatility in the market in years past, the current market remains stable with real estate continuing to be an worth while investment and growing at a stable rate. Additionally, with interest rates dipping, we anticipate future growth throughout the end of the year.
With rising inventory, buyers have more options.
Heading into the Fall, inventory is higher in the Memphis area with a 6% growth month over month and a 20% increase year over year.
This trend of inventory continuing to rise gives buyers more leverage and more options.
It is notable that this level of growth month over month in inventory is a significant jump heading into a new season. Paired with interest rates and an upcoming election season, the market is a prime time for buyers to enter the market this fall.
Could more buyers enter the market this Fall?
It is certainly still a buyers market. However, with interest rates falling below 6% just last week, there is a big incentive for more buyers to enter the market which could increase competition from move-in ready homes.
For what this could mean for buyers, take a look at the potential savings with a $400,000 house below.
As you can see with interests lower than they have been for the past 1.5 years, this could be the break that people are waiting for.