April Home Sales Took a Dip

Latest Market Numbers Released

 Market Reports, Media Releases, Memphis-Area Market

Published Friday, May 6, 2022
 

MEMPHIS, Tenn., May 6, 2022 – Memphis-area home sales for April decreased 14.4 percent from a year ago, with 1,582 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 15.9 percent from March, when there were 1,882 total sales. Average sales price from April-to-April was up 14.4 percent, at $256,670. Inventory increased 6.2 percent, with 2,016 units listed for sale. Year-to-Date sales volume increased 10.2 percent, at $1.51 billion.

April Comparison

 

2022

2021

Percentage Change

Total Home Sales

1,582 1,848 − 14.4%

Median Sales Price

$215,000 $183,900 16.9%

Average Sales Price

$256,670 $224,443 14.4%

Monthly Sales Volume

$406.1 million $414.8 million − 3.0%

 

Year-to-Date Comparison

 

2022

2021

Percentage Change

Total Home Sales

6,076 6,381 − 4.8%

Median Sales Price

$210,000 $174,000 20.7%

Average Sales Price

$249,103 $214,297 16.2%

Monthly Sales Volume

$1.51 billion $1.37 billion 10.2%

"The market is starting to reflect the impact of rising interest rates and inflation," said MAAR President Bill Stewart. "Inventory ticked up a bit, but it’s still very competitive when making an offer."

Historical home sale statistics are also available for comparison.