2024 Market Update

If you liked the 2023 housing market then you’re sure to have loved the 2024 market, as they were almost identical!

Town of Arlington, City of Bartlett, Town of Collierville and Fayette Co. each saw an increase in median sales price. Of those, Bartlett leads the way in affordability at $310,000 with Collierville topping out the group at $520,000 median sales price.

The greater Memphis area market saw 15,669 homes sold in 2024, which is a grand total of 12 more than 2023 .

While it’s a definite contrast to the crazy 22,263 homes sold in 2021, those of us who remember the low spot of 12,790 homes sold in 2011, will remind ourselves, that 15,669 is not terrible .

Wide market average ($268,000) and median ($210,000) sales prices are also very similar to 2023.

The better quality (market ready) home inventory is selling well, while homes that are in need of attention are experiencing price reductions and concessions, like seller paid closing costs.

Year-over-year inventory is very slightly up from 3218 units in December 2023 to 3469 in December 2024.

Mortgage rates are trending within a half percentage point of where they were this time last year. Rates are in the mid 6% range for a 30 year FHA loan.

All in all, It’s a balanced market for home-buyers and home-sellers as we begin 2025 .

Here at Groome & CO Realtors, we’ve all been quite busy so far this month, as more inventory is being prepared for the market and buyers who’ve been waiting on the sidelines, decide it’s time to make that move.