Sales Drop as Market Slows

Per the November Market Report

 Market Reports, Media Releases, Memphis-Area Market

Published Friday, December 6, 2019
 

MEMPHIS, Tenn., Dec. 6, 2019 – Memphis-area home sales for November decreased 11.0 percent from a year ago, with 1,356 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 20.7 percent from October, when there were 1,710 total sales. Average sales price from November-to-November was up 10.3 percent, at $193,916. Inventory decreased 1.7 percent, with 4,012 units listed for sale. Year-to-Date sales volume was up 2.1 percent at $3.42 billion.

November Comparison

 

2019

2018

Percentage Change

Total Home Sales

1,356 1,523  - 11.0%

Median Sales Price

$150,000 $139,900 7.2%

Average Sales Price

$193,916 $175,770 10.3%

Monthly Sales Volume

$262.9 million $267.7 million - 1.8%

 

Year-to-Date Comparison

 

2019

2018

Percentage Change

Total Home Sales

17,964 18,314 - 1.9%

Median Sales Price

$155,000 $149,000 4.0%

Average Sales Price

$190,584 $183,168 4.1%

Monthly Sales Volume

$3.42 billion $3.35 billion 2.1%

"Low inventory continues to have an impact on the market," said MAAR President Lee McWaters. "There continue to be multiple-offer situations and sales volume is up for the year."

Historical home sale statistics are also available for comparison.