MEMPHIS, Tenn., July 10, 2023 – Memphis-area home sales for June decreased 12.6 percent from a year ago, with 1,762 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 43.3 percent from May, when there were 1,230 total sales. Average sales price from June-to-June was up 0.6 percent, at $289,309. Inventory increased 4.0 percent, with 3,192 units listed for sale. Year-to-date sales volume decreased 24.2 percent, to $2.00 billion.
June Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
1,762 | 2,016 | −12.6% |
Median Sales Price |
$240,000 | $250,000 | −4.0% |
Average Sales Price |
$289,309 | $287,472 | 0.6% |
Monthly Sales Volume |
$509.8 million | $579.5 million | −12.0% |
Year-to-Date Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
7,587 | 10,143 | −25.2% |
Median Sales Price |
$215,000 | $220,000 | −2.3% |
Average Sales Price |
$263,017 | $260,203 | 1.1% |
Monthly Sales Volume |
$2.00 billion | $2.64 billion | −24.2% |
"We saw another huge spike in sales from the previous month—43.3 percent from May to June," said MAAR President Carmen Prince. "Inventory also rose again, as more people are deciding to enter the market."
Historical home sale statistics are also available for comparison.