Inventory Continues Its Upward Trend

The August Market Report Has Been Released

 Market Reports, Media Releases, Memphis-Area Market

Published Wednesday, September 7, 2022
 

MEMPHIS, Tenn., Sept. 7, 2022 – Memphis-area home sales for August decreased 6.6 percent from a year ago, with 1,917 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 3.4 percent from July, when there were 1,984 total sales. Average sales price from August-to-August was up 5.2 percent, at $268,034. Inventory increased 1.1 percent, with 2,871 units listed for sale. Year-to-Date sales volume increased 7.3 percent, at $3.69 billion

August Comparison

 

2022

2021

Percentage Change

Total Home Sales

1,917 2,053 − 6.6%

Median Sales Price

$223,000 $220,000 1.4%

Average Sales Price

$268,034 $254,837 5.2%

Monthly Sales Volume

$513.8 million $523.2 million − 1.8%

 

Year-to-Date Comparison

 

2022

2021

Percentage Change

Total Home Sales

14,047 14,674 − 4.3%

Median Sales Price

$220,000 $200,000 10.0%

Average Sales Price

$262,528 $234,493 12.0%

Monthly Sales Volume

$3.69 billion $3.44 billion 7.3%

"Inventory ticked up again," said MAAR President Bill Stewart. "And the market is moderating somewhat as we come to the end of summer."

Historical home sale statistics are also available for comparison.