MEMPHIS, Tenn., Feb. 6, 2023 – Memphis-area home sales for January decreased 25.1 percent from a year ago, with 1,002 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 20.0 percent from December, when there were 1,253 total sales. Average sales price from January to January was down 9.1 percent, at $224,451. Inventory decreased 8.3 percent, with 2,690 units listed for sale. Year-to-Date sales volume decreased 31.9 percent to $224.9 million.
January Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
1,002 | 1,338 | −25.1% |
Median Sales Price |
$175,000 | $195,400 | −10.4% |
Average Sales Price |
$224,451 | $246,868 | −9.1% |
Monthly Sales Volume |
$224.9 million | $330.3 million | −31.9% |
Year-to-Date Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
1,002 | 1,338 | −25.1% |
Median Sales Price |
$275,000 | $195,400 | −10.4% |
Average Sales Price |
$224,451 | $246,868 | −9.1% |
Monthly Sales Volume |
$224.9 million | $330.3 million | −31.9% |
"January is always a slow month, and this one was no different," said MAAR's 2023 President Carmen Prince. "But there are still good opportunities out there."
Historical home sale statistics are also available for comparison.