MEMPHIS, Tenn., Aug. 8, 2023 – Memphis-area home sales for July decreased 37.2 percent from a year ago, with 1,260 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 28.5 percent from June, when there were 1,762 total sales. Average sales price from July-to-July was up 10.0 percent, at $295,842. Inventory increased 7.9 percent, with 3,445 units listed for sale. Year-to-date sales volume decreased 25.6 percent, to $2.38 billion.
July Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
1,260 | 2,006 | −37.2% |
Median Sales Price |
$240,000 | $235,000 | 2.1% |
Average Sales Price |
$295,842 | $268,885 | 10.0% |
Monthly Sales Volume |
$372.8 million | $539.4 million | −30.1% |
Year-to-Date Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
8,861 | 12,182 | −27.3% |
Median Sales Price |
$219,000 | $220,000 | −0.5% |
Average Sales Price |
$267,825 | $260,412 | 2.8% |
Monthly Sales Volume |
$2.38 billion | $3.20 billion | −25.6% |
"After a big jump in sales from May to June—43.3 percent—things slowed down again," said MAAR President Carmen Prince. "Interest rates are having an impact."
Historical home sale statistics are also available for comparison.