MEMPHIS, Tenn., December 10, 2024 – Memphis-area home sales for November decreased 7.7 percent from a year ago, with 1,139 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 4.7 percent from October, when there were 1,195 total sales. Average sales price from November-to-November was up 5.6 percent, at $262,706. Inventory decreased 2.5 percent, with 3,893 units listed for sale. November average DOM was 52, a 13.3 percent decrease from the previous month. Sales volume YTD increased 0.8 percent, to $3.92 billion.
November Comparison
2024 |
2023 |
Percentage Change |
|
Total Home Sales |
1,139 | 1,234 | -7.7% |
Median Sales Price |
$205,999 | $192,500 | +7.0% |
Average Sales Price |
$262,706 | $248,793 | +5.6% |
Monthly Sales Volume |
$299.2 million | $307.0 million | -2.5% |
Year-to-Date Comparison
2024 |
2023 |
Percentage Change |
|
Total Home Sales |
14,549 | 14,544 | 0.0% |
Median Sales Price |
$210,000 | $215,000 | -2.3% |
Average Sales Price |
$269,371 | $267,721 | +0.6% |
Monthly Sales Volume |
$3.92 billion | $3.89 billion | +0.8% |
“Pricing was up from November of 2023,” said MAAR President Scott Bettis. “Inventory went down 2.5 percent, not unusual for this time of year.”
Historical home sale statistics are also available for comparison.