MEMPHIS, Tenn., Oct. 6, 2023 – Memphis-area home sales for September decreased 28.7 percent from a year ago, with 1,339 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 15.8 percent from August, when there were 1,591 total sales. Average sales price from September-to-September was up 0.6 percent, at $273,330. Inventory increased 7.0 percent, with 3,542 units listed for sale. Sales volume YTD decreased 25.1 percent, to $3.19 billion.
September Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
1,339 | 1,877 | −28.7% |
Median Sales Price |
$215,000 | $230,000 | −6.5% |
Average Sales Price |
$273,330 | $271,756 | 0.6% |
Monthly Sales Volume |
$366.0 million | $510.1 million | −28.2% |
Year-to-Date Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
11,800 | 16,002 | −26.3% |
Median Sales Price |
$220,000 | $230,000 | −4.8% |
Average Sales Price |
$270,323 | $266,021 | 1.6% |
Monthly Sales Volume |
$3.19 billion | $4.26 billion | −25.1% |
"Inventory went up 7 percent, so that should give buyers a little more leverage," said MAAR President Carmen Prince. "Average sales price is still up year-over-year."
Historical home sale statistics are also available for comparison.