MEMPHIS, Tenn., April 13, 2023 – Memphis-area home sales for March decreased 27.6 percent from a year ago, with 1,367 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 49.1 percent from February, when there were 917 total sales. Average sales price from March-to-March was up 3.8 percent, at $264,242. Inventory increased 1.6 percent, with 2,804 units listed for sale. Year-to-Date sales volume decreased 25.6 percent, to $833.3 million.
March Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
1,367 | 1,887 | −27.6% |
Median Sales Price |
$213,000 | $215,000 | −1.1% |
Average Sales Price |
$264,242 | $254,560 | 3.8% |
Monthly Sales Volume |
$361.2 million | $480.3 million | −24.8% |
Year-to-Date Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
3,349 | 4,514 | −25.8% |
Median Sales Price |
$195,000 | $205,000 | −4.9% |
Average Sales Price |
$246,826 | $246,238 | 0.2% |
Monthly Sales Volume |
$833.3 million | $1.12 billion | −25.6% |
"We saw a huge jump in sales from February, so that's very encouraging," said MAAR President Carmen Prince. "And new home sales were up for the month and the year."
Historical home sale statistics are also available for comparison.