June Market Report Shows Sales Up from May

COVID's Impact on the Market Remains

 Market Reports, Media Releases, Memphis-Area Market

Published Tuesday, July 7, 2020
 

MEMPHIS, Tenn., July 7, 2020 – Memphis-area home sales for June decreased 13.5 percent from a year ago, with 1,618 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 18.3 percent from May, when there were 1,368 total sales. Average sales price from June-to-June was up 1.1 percent, at $220,883. Inventory decreased 3.0 percent, with 3,171 units listed for sale. Year-to-Date sales volume was flat, at $1.73 billion.

June Comparison

 

2020

2019

Percentage Change

Total Home Sales

1,618 1,871 -13.5%

Median Sales Price

$185,000 $180,000 2.8%

Average Sales Price

$220,883 $218,570 1.1%

Monthly Sales Volume

$357.4 million $408.9 million -12.6%

 

Year-to-Date Comparison

 

2020

2019

Percentage Change

Total Home Sales

8,660 9,332 -7.2%

Median Sales Price

$165,000 $150,000 10.0%

Average Sales Price

$200,044 $185,654 7.8%

Monthly Sales Volume

$1.73 billion $1.73 billion 0.0%

"The 18.3 percent jump in sales from May to June was encouraging," said Kathryn Garland, MAAR President. "But obviously, the coronavirus pandemic is holding the market back and the impact YTD is escalating."

Historical home sale statistics are also available for comparison.