MEMPHIS, Tenn., Dec. 8, 2023 – Memphis-area home sales for November increased 1.8 percent from a year ago, with 1,230 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 17.4 percent from October, when there were 1,489 total sales. Average sales price from November-to-November was down 9.5 percent, at $248,657. Inventory decreased 3.2 percent, with 3,550 units listed for sale. Sales volume YTD decreased 21.7 percent, to $3.89 billion.
October Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
1,230 | 1,208 | 1.8% |
Median Sales Price |
$192,000 | $215,000 | -10.7% |
Average Sales Price |
$248,657 | $274,679 | -9.5% |
Monthly Sales Volume |
$305.8 million | $331.8 million | -8.1% |
Year-to-Date Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
14,525 | 18,695 | -22.3% |
Median Sales Price |
$215,000 | $220,000 | -2.3% |
Average Sales Price |
$267,890 | $265,981 | 0.7% |
Monthly Sales Volume |
$3.89 billion | $4.97 billion | -21.7% |
“Sales were up slightly from November of 2022," said MAAR President Carmen Prince. “Inventory dropped a little, but that’s not surprising.”
Historical home sale statistics are also available for comparison.