in Memphis, TN • 2026 Buying Guide
Best Month
January
$129K
Avoid
June
$157K
Potential Savings
$28K
17.9% difference
Market Type
Balanced
4.5 mo. supply
Even in a seller's market, condos require strategic timing. Focus on move-in ready presentation, as condo buyers often want turnkey living. Highlight low HOA fees, building amenities, and any recent assessments already paid.
Median Sale Price
$200K
+10.5% YoY
Days on Market
56
median days
Inventory
2,016
active listings
Sale-to-List Ratio
95.2%
room to negotiate
Jan
$129K
BestFeb
$132K
Mar
$134K
Apr
$140K
May
$155K
Jun
$157K
PeakJul
$151K
Aug
$145K
Sep
$146K
Oct
$140K
Nov
$140K
Dec
$139K
Based on historical sales data in Memphis
Condos often have a counter-cyclical market. While families focus on single-family homes during spring and summer, condo inventory can peak in fall and winter. This means less competition and more negotiating power for condo buyers during traditionally "slow" seasons.
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Pro Tip: With Memphis's median price at $200K, a 20% down payment would be approximately $40K. Get pre-approved early to know exactly what you can afford.
Based on our analysis of Memphis's housing market, January is typically the best time to buy a condo. During this month, prices average around $129K, which is 17.9% lower than peak prices in June. Condos often have a counter-cyclical market. While families focus on single-family homes during spring and summer, condo inventory can peak in fall and winter. This means less competition and more negotiating power for condo buyers during traditionally "slow" seasons.
The current median home price in Memphis is $200K. Condo prices vary based on location, size, and condition. Year-over-year, prices have changed +10.5%. Condos typically appreciate more slowly than single-family homes but offer lower entry costs and maintenance. Location within the building matters - higher floors and better views command premiums.
Memphis has a balanced market. This means you have reasonable options without extreme competition. Take time to find the right condo but be prepared to move when you find it.
Key considerations for buying a condo in Memphis include: Review at least 3 years of HOA meeting minutes for hidden issues; Check the reserve fund percentage (ideally 70%+ funded); Verify what insurance the HOA covers vs. what you need. Also watch for red flags like HOA with less than 50% reserves and Multiple units for sale in same building (could indicate problems).
Homes in Memphis currently spend an average of 56 days on market. This is typical for a balanced market with reasonable time to make decisions.
Some condos may not be FHA or VA approved - check early Non-warrantable condos require conventional financing with higher down payments With Memphis's median price of $200K, you'll want to get pre-approved early to understand your budget.
Looking for the best time to buy a condo in Memphis? Our analysis shows that January typically offers the best prices, with homes averaging around $129K. Buying during this time could save you up to $28K compared to peak months like June.
With a median price of $200K and homes spending an average of 56 days on market, Memphis is currently a balanced market. There's currently 4.5 months of inventory available.
Condos typically appreciate more slowly than single-family homes but offer lower entry costs and maintenance. Location within the building matters - higher floors and better views command premiums.
There are 6 real estate agents active in Memphis who can help you find the perfect condo. A local expert understands neighborhood nuances, pricing trends, and can help you navigate Memphis's specific market conditions.
Connect with local agents who specialize in condos.