Sales Down, Prices Up in April

Market Stats for April 2020

 Market Reports, Media Releases, Memphis-Area Market

Published Friday, May 8, 2020
 

MEMPHIS, Tenn., May 7, 2020 – Memphis-area home sales for April decreased 14.9 percent from a year ago, with 1,456 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 7.0 percent from March, when there were 1,566 total sales. Average sales price from April-to-April was up 20.7 percent, at $215,159. Inventory decreased 0.7 percent, with 3,340 units listed for sale. Year-to-Date sales volume was up 9.8 percent at $1.09 billion.

April Comparison

 

2020

2019

Percentage Change

Total Home Sales

1,456 1,710 -14.9%

Median Sales Price

$177,000 $145,000 22.1%

Average Sales Price

$215,159 $178,262 20.7%

Monthly Sales Volume

$313.3 million $304.8 million 2.8%

 

Year-to-Date Comparison

 

2020

2019

Percentage Change

Total Home Sales

5,675 5,743 -1.2%

Median Sales Price

$155,000 $135,000 14.8%

Average Sales Price

$192,218 $172,803 11.2%

Monthly Sales Volume

$1.09 billion $992.4 million 9.8%

"The coronavirus pandemic is having an impact on every part of our world and the residential real estate market is no exception," said Kathryn Garland, MAAR President. "The market remains active, but obviously isn’t going to be at the level it was in 2019 when there was not a pandemic."

Historical home sale statistics are also available for comparison.