MEMPHIS, Tenn., Sept. 12, 2023 – Memphis-area home sales for August decreased 17.9 percent from a year ago, with 1,591 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 26.3 percent from July, when there were 1,260 total sales. Average sales price from August-to-August was down 0.3 percent, at $281,228. Inventory decreased 3.9 percent, with 3,311 units listed for sale. Sales volume YTD decreased 24.6 percent, to $2.82 billion.
August Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
1,591 | 1,937 | −17.9% |
Median Sales Price |
$225,000 | $225,000 | 0.0% |
Average Sales Price |
$281,228 | $282,215 | −0.3% |
Monthly Sales Volume |
$447.4 million | $546.6 million | −18.1% |
Year-to-Date Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
10,445 | 14,120 | −26.0% |
Median Sales Price |
$220,000 | $221,000 | −0.5% |
Average Sales Price |
$269,920 | $265,148 | 1.8% |
Monthly Sales Volume |
$2.82 billion | $3.74 billion | −24.6% |
"Sales rose more than 26 percent from July to August," said MAAR President Carmen Prince. "So there was a spike as summer was ending. Inventory dropping coincides with school starting back up. And interest rates still have influence."
Historical home sale statistics are also available for comparison.