Spring Market Heating Up

Inventory on the Rise in May

 Market Reports, Media Releases, Memphis-Area Market

Published Friday, June 4, 2021
 

MEMPHIS, Tenn., June 3, 2021 – Memphis-area home sales for May increased 42.4 percent from a year ago, with 1,947 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 5.8 percent from April, when there were 1,840 total sales. Average sales price from May-to-May was up 16.7 percent, at $240,194. Inventory increased 7.5 percent, with 2,202 units listed for sale. Year-to-Date sales volume increased 32.7 percent, at $1.83 billion.

May Comparison

 

2021

2020

Percentage Change

Total Home Sales

1,947 1,367 42.4%

Median Sales Price

$210,500 $178,000 18.3%

Average Sales Price

$240,194 $205,765 16.7%

Monthly Sales Volume

$467.7 million $281.3 million 66.3%

 

Year-to-Date Comparison

 

2021

2020

Percentage Change

Total Home Sales

8,316 7,048 18.0%

Median Sales Price

$180,000 $160,000 12.5%

Average Sales Price

$220,474 $195,784 12.6%

Monthly Sales Volume

$1.83 billion $1.38 billion 32.7%

"The market continues to heat up," said MAAR President Cassandra Bell-Warren. "In 2020, the pandemic obviously slowed things down. This spring, the market is very much in go-mode and inventory is starting to rise, too."

Historical home sale statistics are also available for comparison.