MEMPHIS, Tenn., Jan. 11, 2024 – Memphis-area home sales for December decreased 13.2 percent from a year ago, with 1,105 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 10.2 percent from November, when there were 1,230 total sales. Average sales price from December-to-December was up 6.2 percent, at $262,144. Inventory decreased 9.3 percent, with 3,218 units listed for sale. Sales volume YTD decreased 21.0 percent, to $4.18 billion.
December Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
1,105 | 1,273 | -13.2% |
Median Sales Price |
$200,000 | $190,000 | 5.3% |
Average Sales Price |
$262,144 | $246,849 | 6.2% |
Monthly Sales Volume |
$289.7 million | $314.2 million | -7.8% |
Year-to-Date Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
15,637 | 19,968 | -21.7% |
Median Sales Price |
$215,000 | $220,000 | -2.3% |
Average Sales Price |
$267,502 | $264,761 | 1.0% |
Monthly Sales Volume |
$4.18 billion | $5.29 billion | -21.0% |
“Obviously, the overall economy had a downward influence on total sales,” said 2023 MAAR President Carmen Prince. “Average sales price for 2023 was slightly higher than in 2022.”
Historical home sale statistics are also available for comparison.