Sales Rise & Inventory Takes a Jump

June Market Report Released

 Market Reports, Media Releases, Memphis-Area Market

Published Friday, July 8, 2022
 

MEMPHIS, Tenn., July 7, 2022 – Memphis-area home sales for June increased 6.8 percent from a year ago, with 2,006 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 0.5 percent from May, when there were 1,997 total sales. Average sales price from June-to-June was up 13.5 percent, at $286,103. Inventory increased 8.6 percent, with 2,380 units listed for sale. Year-to-Date sales volume increased 13.9 percent, at $2.63 billion.

June Comparison

 

2022

2021

Percentage Change

Total Home Sales

2,006 1,879 6.8%

Median Sales Price

$250,000 $225,000 11.1%

Average Sales Price

$286,103 $251,977 13.5%

Monthly Sales Volume

$579.9 million $473.5 million 21.2%

 

Year-to-Date Comparison

 

2022

2021

Percentage Change

Total Home Sales

10,106 10,212 − 1.0%

Median Sales Price

$220,000 $190,000 15.7%

Average Sales Price

$259,872 $226,153 14.9%

Monthly Sales Volume

$2.63 billion $2.31 billion 13.9%

"June sales were good in 2021, and they were even better this year," said MAAR President Bill Stewart. "Inventory took another jump, which means buyers will have more selection."

Historical home sale statistics are also available for comparison.