Sales Continue to Rise After Spring Speed Bump

Number Strong Despite Pandemic

 Market Reports, Media Releases, Memphis-Area Market

Published Friday, August 7, 2020
 

MEMPHIS, Tenn., August 7, 2020 – Memphis-area home sales for July increased 1.9 percent from a year ago, with 1,982 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 22.5 percent from June, when there were 1,618 total sales. Average sales price from July-to-July was up 7.4 percent, at $222,114. Inventory decreased 7.3 percent, with 2,938 units listed for sale. Year-to-Date sales volume decreased 1.8 percent, at $2.18 billion.

July Comparison

 

2020

2019

Percentage Change

Total Home Sales

1,982 1,945 1.9%

Median Sales Price

$193,000 $172,500 11.9%

Average Sales Price

$222,114 $206,834 7.4%

Monthly Sales Volume

$440.3 million $402.3 million 9.4%

 

Year-to-Date Comparison

 

2020

2019

Percentage Change

Total Home Sales

10,670 11,279 -5.4%

Median Sales Price

$170,000 $153,318 10.9%

Average Sales Price

$204,461 $189,329 8.0%

Monthly Sales Volume

$2.18 billion $2.22 billion -1.8%

"July was a strong month, with sales up 1.9 percent from a year ago," said Kathryn Garland, MAAR President. "For the market to be so resilient during a pandemic is pretty remarkable."

Historical home sale statistics are also available for comparison.