MEMPHIS, Tenn., September 13, 2024 – Memphis-area home sales for August decreased 8.5 percent from a year ago, with 1,460 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 0.6 percent from July, when there were 1,451 total sales. Average sales price from August-to- August was down 1.7 percent, at $274,863. Inventory increased 6.0 percent, with 3,981 units listed for sale. Sales volume YTD increased 3.9 percent, to $2.94 billion.
August Comparison
2024 |
2023 |
Percentage Change |
|
Total Home Sales |
1,460 | 1,595 | -8.5% |
Median Sales Price |
$214,950 | $225,000 | -4.5% |
Average Sales Price |
$274,863 | $279,655 | -1.7% |
Monthly Sales Volume |
$401.3 million | $446.0 million | -10% |
Year-to-Date Comparison
2024 |
2023 |
Percentage Change |
|
Total Home Sales |
10,905 | 10,474 | 4.1% |
Median Sales Price |
$210,000 | $220,000 | -4.5% |
Average Sales Price |
$269,216 | $269,474 | -0.2% |
Monthly Sales Volume |
$2.94 billion | $2.83 billion | 3.9% |
“There was a slight bump from July to August in total sales,” said MAAR President Scott Bettis. “The increase in inventory means fall buyers have more options.”
Historical home sale statistics are also available for comparison.