MEMPHIS, Tenn. — Realtors in Memphis say you are more likely to buy a house below the listing price than you were at the same time last year.
Michelle Hayes Thomas with Hayes Homes & Realty said that after a year or more of it being a seller’s market, things are starting to slow down, allowing buyers to negotiate a little more.
“The market is stabilizing,” said Hayes Thomas. “It’s good for a healthy market for everyone to have opportunities, both the sellers and the buyers. It is still an excellent market for sellers. Not as aggressive and strong as it was in 2022, but the average sale prices are up.”
According to a recent study, Tennessee house prices rose 16.3% in 2022. In fact. Santa Monica realtors looked at data from Zillow and found the volunteer state had the fourth-highest increase of any state.
First on the list was Florida, where housing prices went up 19.9%. South Carolina came in second with a 19,2% increase. Next was Vermont, where housing prices went up 16.9%. Finally, North Carolina came in fifth with a 15.7% increase.
In Memphis, house prices rose by 9% in 2022, and the average house cost was $262,000. However, Hayes Thomas said that number dropped to $240,000 in December.
“Closer to the end of the year, we started to see a little bit of a slowdown because the interest rates started to pick up a little bit, so home sales slowed down some, but we still have a pretty steady market right now,” said Hayes Thomas.
Hayes Thomas said last year, some houses sold the same day they were listed or in just a few hours. She said now it’s more like weeks. She said while inventory is still a bit low, you can get more for your money in Memphis.
“We are still one of the better places to come for affordability,” she said. “You can still get a nicely priced home, a lot of square footage, a lot of yard. When you compare what you get in Memphis to other regions, we still have good offerings.”
Idaho saw the smallest increase in housing prices last year. The price of a home in that state increased by just 1.3%.
