While the overall average home sale price decreased, the average price of new home sales increased.
MEMPHIS, Tenn., Feb. 8, 2024 – Memphis-area home sales for January increased 21.3 percent from a year ago, with 1,231 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were up 11.4 percent from December, when there were 1,105 total sales. Average sales price from January-to-January was down 3.4 percent, at $218,369. Inventory increased 3.1 percent, with 3,319 units listed for sale. Sales volume YTD increased 16.9 percent, to $268.1 million.
January Comparison
2024 | 2023 | Percentage Change | |
Total Home Sales | 1,231 | 1,015 | +21.3% |
Median Sales Price | $167,000 | $179,000 | -6.7% |
Average Sales Price | $218,369 | $226,040 | -3.4% |
Monthly Sales Volume | $268.1 million | $229.4 million | +16.9% |
Year-to-Date Comparison
2024 | 2023 | Percentage Change | |
Total Home Sales | 1,231 | 1,015 | +21.3% |
Median Sales Price | $167,000 | $179,000 | -6.7% |
Average Sales Price | $218,369 | $226,040 | -3.4% |
Monthly Sales Volume | $268.1 million | $229.4 million | +16.9% |
“It was a good start to the new year, with sales up 21 percent over January 2023,” said MAAR President Scott Bettis. “We also saw inventory rise from December.”
