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Memphis-Area Home Values Continue to Rise

Per the October Market Report

 Market Reports, Media Releases, Memphis-Area Market

Published Saturday, November 21, 2020
 

MEMPHIS, Tenn., Nov. 21, 2020 – Memphis-area home sales for October increased 6.4 percent from a year ago, with 1,829 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 0.9 percent from September, when there were 1,813 total sales. Average sales price from October-to-October was up 27.9 percent, at $241,213. Inventory decreased 2.0 percent, with 2,805 units listed for sale. Year-to-Date sales volume increased 8.9 percent, at $3.44 billion.

October Comparison

 

2020

2019

Percentage Change

Total Home Sales

1,829 1,719 6.4%

Median Sales Price

$194,900 $145,000 34.4%

Average Sales Price

$241,213 $188,641 27.9%

Monthly Sales Volume

$441.2 million $324.3 million 36.5%

 

Year-to-Date Comparison

 

2020

2019

Percentage Change

Total Home Sales

16,156 16,604 -2.7%

Median Sales Price

$175,000 $155,000 12.9%

Average Sales Price

$213,119 $190,616 11.8%

Monthly Sales Volume

$3.44 billion $3.16 billion 8.9%

"The market remains incredibly active and values continue to rise," said Kathryn Garland, MAAR President. "To have 6.4 percent more sales in October of 2020 than at this time last year is pretty amazing."

Historical home sale statistics are also available for comparison.