MEMPHIS, Tenn., March 7, 2023 – Memphis-area home sales for February decreased 28.9 percent from a year ago, with 917 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 8.5 percent from January when there were 1,002 total sales. Average sales price from February-to-February was up 3.0 percent, at $240,507. Inventory increased by 2.6 percent, with 2,760 units listed for sale. Year-to-Date sales volume decreased by 29.0 percent to $447.8 million.
February Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
917 | 1,290 | −28.9% |
Median Sales Price |
$185,000 | $200,000 | −7.8% |
Average Sales Price |
$240,507 | $233,570 | 3.0% |
Monthly Sales Volume |
$220.5 million | $301.5 million | −26.9% |
Year-to-Date Comparison
2023 |
2022 |
Percentage Change |
|
Total Home Sales |
1,924 | 2,625 | −26.7% |
Median Sales Price |
$179,000 | $199,000 | −9.9% |
Average Sales Price |
$232,729 | $240,227 | −3.1% |
Monthly Sales Volume |
$447.8 million | $630.6 million | −29.0% |
"Inventory went up from January, so that's a good sign," said MAAR President Carmen Prince. "And average sales price for February was higher than in 2022."
Historical home sale statistics are also available for comparison.