Housing Market in Memphis is scarce; buyers may have hard time finding dream home, experts say – FOX13 News Memphis

MEMPHIS, Tenn. — “There is a shortage of houses. So, you’re seeing multiple offers on a property. You’re seeing them come on the market today, and they’re gone tomorrow,” said Realtor Cassandra Bell-Warren.

Warren served as the last president of the Memphis Area Association of Realtors.

In 2021, 13 percent more houses were sold than in 2020, according to MAAR data. Realtors like Bell-Warren said buyers are left with little flexibility to purchase their dream home.

“It used to be you could go to a house, ‘Let me think about it for a day or two.’ Well, in two days that house is probably gone, because somebody else was like, ‘Oh, I love this house. This is it,’” said Bell-Warren.

She said the pandemic has played a huge role in this. With the median sales price on houses increasing ($177,000 to $205,000 in 2021) and the pandemic continuing, the market is not in the buyer’s favor.

“It’s a seller’s market. So, they can say what they will or won’t do,” said Bell-Warren.

Jason Crump just put his house on the market.

He had multiple people interested in seeing it the day he listed his property.

“It’s a pretty good market to be selling a house these days. There’s not a lot on the market here in this neighborhood,” said Crump.

Bell-Warren said buyers need to understand what they’re looking for and do their research on multiple properties because she believes the market is not what it used to be right now.

“Be patient,” said Bell-Warren, “Make sure you are with a realtor who knows the business, that you’re being educated, because nowadays there is so much you can find on the internet.”

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