MEMPHIS, Tenn., August 8, 2024 – Memphis-area home sales for July increased 14.9 percent from a year ago, with 1,451 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 8.2 percent from June, when there were 1,580 total sales. Average sales price from July-to-July was down 1.1 percent, at $292,694. Inventory increased 3.6 percent, with 3,759 units listed for sale. Sales volume YTD increased 6.3 percent, to $2.53 billion.
June Comparison
2024 |
2023 |
Percentage Change |
|
Total Home Sales |
1,454 | 1,263 | 14.9% |
Median Sales Price |
$230,000 | $239,900 | -4.1% |
Average Sales Price |
$296,694 | $295,876 | -1.1% |
Monthly Sales Volume |
$424.7 million | $373.7 million | 13.6% |
Year-to-Date Comparison
2024 |
2023 |
Percentage Change |
|
Total Home Sales |
9,439 | 8,878 | +6.3% |
Median Sales Price |
$210,000 | $219,000 | -4.5% |
Average Sales Price |
$268,215 | $267,971 | +0.1% |
Monthly Sales Volume |
$2.53 billion | $2.38 billion | +6.3% |
“Sales were up from last July, and they are up 6.3 percent for the year,” said MAAR President Scott Bettis. “Pricing has dropped a touch, but that’s helpful for buyers.”
Historical home sale statistics are also available for comparison.