The median listing price for a home in Shelby County, Tennessee, decreased to $292,000 in August, marking a 2.7% drop from the previous month. Data from Realtor.com also shows a significant year-over-year decline, with prices falling 6.6% compared to August of the prior year.
This adjustment in the local housing market occurred alongside a notable increase in the number of new homes being listed for sale. These figures, which focus on asking prices rather than final sale prices, provide a snapshot of current market conditions for potential buyers and sellers in the region.
Key Takeaways
- Median List Price: Shelby County's median home listing price was $292,000 in August, down 2.7% from July and 6.6% from the previous year.
- Price Per Square Foot: Despite the overall price drop, the price per square foot increased by 7.8% year-over-year to $145, suggesting a shift in the size or type of homes being listed.
- Market Inventory: New listings rose by 7.1% compared to the same month last year, with 1,144 homes entering the market.
- Days on Market: Homes in Shelby County spent a median of 60 days on the market, aligning with the national average.
Detailed Look at Shelby County's Market
An analysis of housing data from Realtor.com reveals a nuanced picture of the Shelby County real estate market for August. While the headline figure is a drop in the median asking price, other indicators point to underlying shifts in market dynamics.
The median price of $292,000 is a decrease from July's median of $299,951. When compared to August 2024, when the median stood at $312,500, the 6.6% decline is more pronounced. This suggests a cooling in asking prices after a period of higher valuations.
Contrasting Price Metrics
Interestingly, while the overall median price has fallen, the value per square foot has risen. In August, the median price per square foot for a listed home in Shelby County was $145. This represents a 7.8% increase from the same period last year.
This contrast could indicate that smaller homes are making up a larger portion of the available inventory, which would lower the overall median price while the price per square foot remains strong or even increases. The median home size listed in the county was 1,600 square feet.
Market Activity by the Numbers
- Median Home Size: 1,600 square feet
- Median Days on Market: 60 days
- New Listings in August: 1,144
- Year-Over-Year Listing Increase: +7.1%
The pace of the market remained steady. Homes spent a median of 60 days listed for sale, which is identical to the national median. This is a slight increase from the 59 days recorded in July, indicating a stable but not accelerating sales cycle.
Broader Market Comparisons
To understand the local trends, it is helpful to compare Shelby County's data with regional, state, and national figures. These comparisons show that while Shelby County saw a price decrease, the trend of slight cooling was widespread.
Memphis Metropolitan Area
Across the wider Memphis metropolitan area, the median home listing price was $332,995 in August. This figure was also slightly lower than the previous month. The typical home in the metro area was larger than in Shelby County alone, with a median size of 2,200 square feet and a listing price of $163 per square foot.
Statewide Tennessee Trends
On a statewide level, the median home price in Tennessee was $434,999, also reflecting a minor decrease from July. The median home size across the state was 1,992 square feet, with a price of $232 per square foot. This highlights that Shelby County remains a more affordable market compared to the state average.
Understanding the Data
The statistics in this report are based on data from Realtor.com for single-family homes, condominiums, and townhomes listed for sale. It is important to note that these figures represent asking prices, not the final sale prices. The data generally excludes new construction, as well as pending and contingent sales, providing a specific view of the active resale market.
National Housing Market Overview
The trends observed in Shelby County align with a slight cooling in the national housing market. Throughout the United States, the median home price in August was $429,990, a small decrease from the prior month. This suggests that the price adjustments are part of a broader, national pattern rather than an isolated local event.
The median American home for sale was listed at 1,844 square feet, with a national median price of $228 per square foot. Shelby County's price per square foot of $145 is significantly lower than the national figure, reinforcing the area's relative affordability.
Experts often use the median list price as a key indicator because it represents the midpoint of all homes listed. Unlike the average price, the median is not easily skewed by a few unusually high or low-priced properties, offering a more accurate representation of the typical home price in a market.
What This Means for Buyers and Sellers
The August data presents a mixed but informative landscape for participants in the Shelby County real estate market. For sellers, the 7.8% year-over-year increase in price per square foot is a positive sign, indicating that property values are holding firm on a per-unit basis. However, the drop in the overall median price suggests that pricing strategies may need to be adjusted to meet current market expectations.
For buyers, the cooling of median prices and the 7.1% increase in new listings are welcome developments. More inventory provides more choices and can reduce the pressure of bidding wars that characterize hotter markets. The stable 60-day market time suggests that while the market is not frantic, well-priced homes are still moving steadily.
The data from August indicates a market that is finding a new balance. It has moved away from the rapid price escalations seen in previous years toward a more sustainable pace, offering distinct opportunities and considerations for both buyers and sellers in Shelby County.
