MEMPHIS, Tenn., April 17, 2024 – Memphis-area home sales for March decreased 9.2 percent from a year ago, with 1,241 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 12.5 percent from February, when there were 1,103 total sales. Average sales price from March-to-March was down 3.7 percent, at $255,511. Inventory increased 3.8 percent, with 3,189 units listed for sale. Sales volume YTD increased 4.8 percent, to $865.1 million.
March Comparison
2024 |
2023 |
Percentage Change |
|
Total Home Sales |
1,241 | 1,367 | -9.2% |
Median Sales Price |
$205,000 | $215,000 | -4.7% |
Average Sales Price |
$255,511 | $265,446 | -3.7% |
Monthly Sales Volume |
$317.1 million | $362.9 million | -12.6% |
Year-to-Date Comparison
2024 |
2023 |
Percentage Change |
|
Total Home Sales |
3,601 | 3,353 | +7.4% |
Median Sales Price |
$189,000 | $196,000 | -3.6% |
Average Sales Price |
$240,225 | $246,181 | -2.4% |
Monthly Sales Volume |
$865.1 million | $825.4 million | +4.8% |
“Sales jumped from February by 12.5 percent,” said MAAR President Scott Bettis. “Inventory went up 3.8 percent. The market is becoming more active.”
Historical home sale statistics are also available for comparison.