MEMPHIS, Tenn., May 5, 2023 – Memphis-area home sales for April decreased 36.3 percent from a year ago, with 1,018 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 25.3 percent from March, when there were 1,367 total sales. Average sales price from April-to-April was up 2.1 percent, at $262,293. Inventory increased 6.1 percent, with 2,975 units listed for sale. Year-to-date sales volume decreased 28.3 percent, to $1.09 billion.
April Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
1,018 | 1,605 | −36.3% |
Median Sales Price |
$216,000 | $215,500 | 0.2% |
Average Sales Price |
$262,293 | $256,954 | 2.1% |
Monthly Sales Volume |
$267.0 million | $412.4 million | −35.3% |
Year-to-Date Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
4,368 | 6,121 | −28.6% |
Median Sales Price |
$200,000 | $210,000 | −4.8% |
Average Sales Price |
$250,547 | $249,009 | 0.6% |
Monthly Sales Volume |
$1.09 billion | $1.52 billion | −28.3% |
"Inventory is up 6.1 percent from March, so people are starting to make their spring moves," said MAAR President Carmen Prince. "Although overall numbers are not where they were in 2022, it's still important that a home be move-in ready in this market."
Historical home sale statistics are also available for comparison.