Sales Took a Slight Slump in May

Per the May Market Report

Published Friday, June 7, 2019
 

MEMPHIS, Tenn., June 7, 2019 – Memphis-area home sales for May decreased 11.2 percent from a year ago, with 1,696 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. ales were down 0.7 percent from April, when there were 1,708 total sales. Average sales price from May-to-May was down 3.3 percent, at $190,067. Inventory increased 1.4 percent, with 4,114 units listed for sale. Year-to-Date sales volume was down 3 percent at $1.31 billion.

May Comparison

 

2019

2018

Percentage Change

Total Home Sales

1,696 1,910 - 11.2%

Median Sales Price

$155,000 $160,000 - 3.1%

Average Sales Price

$190,067 $196,486 - 3.3%

Monthly Sales Volume

$322.4 million $375.3 million - 14.1%

 

Year-to-Date Comparison

 

2019

2018

Percentage Change

Total Home Sales

7,441 7,614 - 2.3%

Median Sales Price

$140,000 $140,000 0.0%

Average Sales Price

$176,533 $177,448 - 0.5%

Monthly Sales Volume

$1.31 billion $1.51 billion - 3.0%

"The average sales price was up about $12,000 from April, which is an indicator how competitive the market is even though overall sales are down from this time last year," said MAAR President Lee McWaters. "We continue to see multiple offers on homes, often above asking price."

Historical home sale statistics are also available for comparison.