Sales Drop as Coronavirus Impacts Market

Per the May Market Report

 Market Reports, Media Releases, Memphis-Area Market

Published Saturday, June 6, 2020
 

MEMPHIS, Tenn., June 5, 2020 – Memphis-area home sales for May decreased 20.6 percent from a year ago, with 1,368 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 6.0 percent from April, when there were 1,456 total sales. Average sales price from May-to-May was up 7.2 percent, at $205,082. Inventory decreased 2.2 percent, with 3,268 units listed for sale. Year-to-Date sales volume was up 3.8 percent at $1.37 billion.

May Comparison

 

2020

2019

Percentage Change

Total Home Sales

1,368 1,722 -20.6%

Median Sales Price

$177,000 $155,000 14.2%

Average Sales Price

$205,082 $191,226 7.2%

Monthly Sales Volume

$280.6 million $329.3 million -14.8%

 

Year-to-Date Comparison

 

2020

2019

Percentage Change

Total Home Sales

7,049 7,467 -5.6%

Median Sales Price

$160,000 $140,000 14.3%

Average Sales Price

$195,040 $177,153 10.1%

Monthly Sales Volume

$1.37 billion $1.32 billion 3.8%

"Another month deeper into the coronavirus pandemic, the impact on the local economy and the market is evident," said Kathryn Garland, MAAR President. "That said, the market has not stopped. And sales volume for the year is still ahead of 2019."

Historical home sale statistics are also available for comparison.