MEMPHIS, Tenn., June 12, 2024 – Memphis-area home sales for May increased 8.0 percent from a year ago, with 1,410 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 2.2 percent from April, when there were 1,380 total sales. Average sales price from May-to-May was up 4.4 percent, at $285,607. Inventory decreased 0.4 percent, with 3,412 units listed for sale. Sales volume YTD increased 10.1 percent, to $1.64 billion.
May Comparison
2024 |
2023 |
Percentage Change |
|
Total Home Sales |
1,410 | 1,306 | +8% |
Median Sales Price |
$229,862 | $225,000 | +2.2% |
Average Sales Price |
$285,607 | $273,504 | +4.4% |
Monthly Sales Volume |
$402.7 million | $357.2 million | +12.7% |
Year-to-Date Comparison
2024 |
2023 |
Percentage Change |
|
Total Home Sales |
6,400 | 5,824 | +9.9% |
Median Sales Price |
$200,000 | $205,000 | -2.4% |
Average Sales Price |
$255,493 | $255,192 | -0.1% |
Monthly Sales Volume |
$1.64 billion | $1.49 billion | +10.1% |
“Sales were up 8 percent from May of 2023, and they are up even more year-to-date,” said MAAR President Scott Bettis. “Monthly sales volume for the year is also substantially higher.”
Historical home sale statistics are also available for comparison.