Memphis, TN housing market

Nearly a quarter of homes for sale in Memphis have already cut their price, and that tells you most of what you need to know about this market right now. The typical Memphis home is worth about one hundred forty-eight thousand dollars, down about 1 percent from a year ago. But the median list price sits around one hundred eighty-nine thousand dollars, well above that. That gap between what sellers are asking and what homes are actually worth is why so many listings are getting marked down. There are about two thousand seven hundred homes for sale, with roughly 770 new listings hitting the market in the past month, so buyers have plenty to choose from. Homes are taking about sixty-seven days to go under contract, which gives buyers room to negotiate. If you are selling, price to the market from day one, because overpriced homes are sitting and then cutting. In Memphis right now, the realistic seller wins.