MEMPHIS, Tenn., March 19, 2024 – Memphis-area home sales for February increased 13.6 percent from a year ago, with 1,103 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 10.4 percent from January, when there were 1,231 total sales. Average sales price from February-to-February was up 1 percent, at $242,400. Inventory decreased 7.4 percent, with 3,072 units listed for sale. Sales volume YTD increased 16.9 percent, to $540.7 million.
February Comparison
2024 |
2023 |
Percentage Change |
|
Total Home Sales |
1,103 | 97 | +13.6% |
Median Sales Price |
$195,000 | $188,000 | +3.7% |
Average Sales Price |
$242,400 | $240,114 | +1% |
Monthly Sales Volume |
$267.4 million | $233.2 million | +14.7% |
Year-to-Date Comparison
2024 |
2023 |
Percentage Change |
|
Total Home Sales |
2,344 | 1,986 | +18% |
Median Sales Price |
$180,000 | $180,500 | -0.3% |
Average Sales Price |
$230,689 | $232,921 | -1% |
Monthly Sales Volume |
$540.7 million | $462.6 million | +16.9% |
“It was a better February than last year,” said MAAR President Scott Bettis. “And sales volume is up almost 17 percent through the first two months of the year.”
Historical home sale statistics are also available for comparison.