MEMPHIS, Tenn., June 7, 2023 – Memphis-area home sales for May decreased 38.6 percent from a year ago, with 1,230 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 20.8 percent from April, when there were 1,018 total sales. Average sales price from May-to-May was up 3.5 percent, at $275,709. Inventory increased 3.2 percent, with 3,070 units listed for sale. Year-to-date sales volume decreased 28.6 percent, to $1.47 billion.
May Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
1,230 | 2,004 | −38.6% |
Median Sales Price |
$230,000 | $222,000 | 3.6% |
Average Sales Price |
$275,709 | $266,303 | 3.5% |
Monthly Sales Volume |
$339.1 million | $533.7 million | −36.5% |
Year-to-Date Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
5,750 | 8,127 | −29.2% |
Median Sales Price |
$205,000 | $211,000 | −2.8% |
Average Sales Price |
$255,104 | $253,433 | 0.7% |
Monthly Sales Volume |
$1.47 billion | $2.06 billion | −28.6% |
"Sales in May made a nice jump—20.8 percent—from April," said MAAR President Carmen Prince. "And average sales price was up compared to this time a year ago. It was also good to see inventory break 3,000."
Historical home sale statistics are also available for comparison.