As home sales decline and inventory rises in the Memphis area, here are 4 things to know
A shift in the Memphis-area housing market may be underway with declining home sales, prices rising at lower rates and higher inventory for potential buyers, according to the latest Memphis Area Association of Realtors data.
Here are four things to know about the Memphis housing market from the association’s July report.
How many Memphis-area homes were sold in June?
Memphis-area home sales declined by 17.5% from July 2021 to July 2022, according to MAAR data.
There were 1,984 home sales last month, compared to 2,404 homes sales in July 2021.
Monthly sales volume decreased by 12.3% from July 2021 ($607.2 million) to ($532 million) in July 2022.
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While significantly down from a year ago, July 2022 home sales remain nearly even with June’s numbers, when there were 2,006 home sales.
Overall, total home sales in the Memphis area through July 2022 are down 4.1% from the same period last year.
There have been 12,101 home sales this year through July, a decrease from the 12,618 homes sold through July 2021.
What was the Memphis-area median home sales price in June?
The median home sales price in the Memphis area increased 5.5% from July 2021 to July 2022.
In July 2021, the median home sales price was $221,000. In July 2022, that figure increased to $233,250, though that represents a decline from the price in June 2022, which was $250,000.
Through July 2022, the median home sales price for a house in the Memphis area was $220,000 — a 12.3% increase from the median price of $195,950 for the same period a year ago.
How many active listings are in the Memphis area?
Local housing inventory increased again from June to July, according to MAAR.
There were 2,839 local active listings reported as of July 2022. That marks the highest total since September 2020 (2,863).
It's an increase of 459 from June’s 2,380 reported active listings. Inventory now is slightly higher compared to July 2021’s total of 2,514.
“Economic forces showed up in the numbers this month,” MAAR President Bill Stewart said in a statement. “However, with inventory rising again, buyers will have more opportunities.”
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What Memphis neighborhoods saw the highest increases in median sales prices?
Whitehaven reported a 30.4% increase from July 2021 ($83,950) to July 2022 ($109,500), according to MAAR. There were 113 home sales reported in the neighborhood in July compared to 86 for the same period a year ago.
Raleigh/Covington Pike saw a 24.5% increase in its median home sales price from July 2021 ($117,250) to July 2022 ($146,000). A total of 118 home sales were reported in the neighborhood last month, a decrease from the 122 in June 2021.
There was a 22.8% increase in Hickory Hill’s median home sales price from the same period a year ago ($167,000) compared to last month ($205,000). There were 123 reported home sales last month compared to 128 in July 2021.
Omer Yusuf covers the Ford project in Haywood County, residential real estate, tourism and banking for The Commercial Appeal. He can be reached via email Omer.Yusuf@commercialappeal.com or followed on Twitter @OmerAYusuf.
This article originally appeared on Memphis Commercial Appeal: Memphis real estate: Prices, sales and inventory in July 2022
