Sales Volume Up & Prices Continue to Rise

Inventory Continues Its Downward Trend

 Market Reports, Media Releases, Memphis-Area Market

Published Wednesday, September 9, 2020
 

MEMPHIS, Tenn., Sept. 8, 2020 – Memphis-area home sales for August decreased 5.3 percent from a year ago, with 1,825 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 7.9 percent from July, when there were 1,982 total sales. Average sales price from August-to-August was up 13.3 percent, at $221,098. Inventory decreased 2.1 percent, with 2,876 units listed for sale. Year-to-Date sales volume increased 3.2 percent, at $2.59 billion.

August Comparison

 

2020

2019

Percentage Change

Total Home Sales

1,825 1,927 -5.3%

Median Sales Price

$185,000 $163,000 13.5%

Average Sales Price

$221,098 $195,134 13.3%

Monthly Sales Volume

$403.5 million $376.0 million 7.3%

 

Year-to-Date Comparison

 

2020

2019

Percentage Change

Total Home Sales

12,499 13,205 -5.3%

Median Sales Price

$170,400 $155,000 9.9%

Average Sales Price

$206,913 $190,184 8.8%

Monthly Sales Volume

$2.59 billion $2.51 billion 3.2%

"The competitiveness of the market was evident with sales volume up more than seven percent in August, and now more than three percent ahead year-to-date," said Kathryn Garland, MAAR President. "Average sales price has increased almost nine percent year-to-date."

Historical home sale statistics are also available for comparison.