Memphis area market Report

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 Market Sees Little Variance in Sales Prices

Memphis-Area Market, Market Reports, Media Releases

Published Monday, May 8, 2023by Kira McNeil

MEMPHIS, Tenn., May 5, 2023 – Memphis-area home sales for April decreased 36.3 percent from a year ago, with 1,018 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 25.3 percent from March, when there were 1,367 total sales. Average sales price from April-to-April was up 2.1 percent, at $262,293. Inventory increased 6.1 percent, with 2,975 units listed for sale. Year-to-date sales volume decreased 28.3 percent, to $1.09 billion. "Inventory is up 6.1 percent from March, so people are starting to make their spring moves," said MAAR President Carmen Prince. "Although overall numbers are not where they were in 2022, it's still important that a home be move-in ready in this market." 

 Median Sales Price Down by 1.5 Percent

Memphis-Area Market, MLS Sales Reports

Published Wednesday, April 19, 2023by Kira McNeil

The Multiple Listing Service sales report showed pending sales at 954 as of April 18, up 0.5 percent from mid-March. Active listings stood at 2,975, up 6.1 percent from a month earlier.

Other numbers of note:

• Average sales price for March was $308,290, up 1.5 percent from a year ago.
• Median sales price for March was $265,000, down 1.5 percent from a year ago.
• The average market time in March was 53 days, the same as a month earlier.
• There were 562 sales of units that were on the market for 30 days or less.
• At the upper end of the market, there were 146 sales of $500,000 or more, up 37.7 percent from a month earlier.

 Prepared for maar.org by Don Wade, 901.485.1653.