MEMPHIS, Tenn., Jan. 6, 2022 – Memphis-area home sales for December decreased 31.2 percent from a year ago, with 1,253 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 4.2 percent from November when there were 1,202 total sales. Average sales price from December-to-December was down 9.3 percent, at $245,254. Inventory decreased 5.5 percent, with 2,934 units listed for sale. Year-to-Date sales volume decreased 2.8 percent to $5.22 billion.
December Comparison
2022 |
2021 |
Percentage Change |
|
Total Home Sales |
1,253 | 1,821 | − 31.2% |
Median Sales Price |
$189,000 | $225,000 | − 16.0% |
Average Sales Price |
$245,254 | $270,433 | 9.3% |
Monthly Sales Volume |
$307.3 million | $492.5 million | − 37.6% |
Year-to-Date Comparison
2022 |
2021 |
Percentage Change |
|
Total Home Sales |
19,872 | 22,305 | − 10.9% |
Median Sales Price |
$220,000 | $205,000 | 7.3% |
Average Sales Price |
$262,518 | $240,775 | 9.0% |
Monthly Sales Volume |
$5.22 billion | $5.37 billion | − 2.8% |
"This was a year when we saw the market undergo a significant transition as inflation and mortgage rates rose," said MAAR President Bill Stewart. "While overall sales volume was down slightly, average pricing still climbed nine percent."
Historical home sale statistics are also available for comparison.