Market Inventory Continues to Rise

Sales, However, Took a Drop

 Market Reports, Media Releases, Memphis-Area Market

Published Friday, August 5, 2022
 

MEMPHIS, Tenn., Aug. 5, 2022 – Memphis-area home sales for July decreased 17.5 percent from a year ago, with 1,984 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 1.1 percent from June, when there were 2,006 total sales. Average sales price from July-to-July was up 6.2 percent, at $268,133. Inventory increased 19.3 percent, with 2,839 units listed for sale. Year-to-Date sales volume increased 8.2 percent, at $3.16 billion.

July Comparison

 

2022

2021

Percentage Change

Total Home Sales

1,984 2,404 − 17.5%

Median Sales Price

$233,000 $221,000 5.5%

Average Sales Price

$268,133 $252,595 6.2%

Monthly Sales Volume

$532 million $607.2 million − 12.3%

 

Year-to-Date Comparison

 

2022

2021

Percentage Change

Total Home Sales

12,101 12,618 − 4.1%

Median Sales Price

$220,000 $196,000 12.3%

Average Sales Price

$261,482 $231,163 13.1%

Monthly Sales Volume

$3.16 billion $2.92 billion 8.2%

"Economic forces showed up in the numbers this month," said MAAR President Bill Stewart. "However, with inventory rising again, buyers will have more opportunities."

Historical home sale statistics are also available for comparison.