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February Market Report Shows Slight Slump in Sales

MEMPHIS, Tenn., March 6, 2018 – Memphis-area home sales for February decreased 1.1 percent from a year ago, with 1,198 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 6.6 percent from January when there were 1,283 total sales. Average sales price from February-to-February was up 6.3 percent, at $158,244. Inventory increased 1.5 percent, with 3,854 units listed for sale. Year-to-Date sales volume was up 13.1 percent at $404.6 million.

 

» GET THE FEBRUARY MARKET REPORT HERE.

 

February Comparison

2018

2017

% Change
Total Home Sales

1,198

1,211

-1.1%
Median Sales Price

$116,000

$112,114

3.5%
Average Sales Price

$158,244

$148,891

6.3%
Monthly Sales Volume $189.6 million $180.3 million 5.1%

 

 

Year-to-Date Comparison

2018

2017

% Change
Total Home Sales

2,481

2,381

4.2%
Median Sales Price

$125,000

$115,000

8.7%
Average Sales Price

$163,061

$150,222

8.6%
Monthly Sales Volume $404.6 million $357.7 million 13.1%
 
Historical home sale statistics are also available for comparison.

“Two months in, we have a nice lead over the 2017 numbers,” said MAAR President Lauren Wiuff. “The market remains quite active.”

Serving the Mid-South for more than 100 years as the Voice for Local Real Estate, the Memphis Area Association of REALTORS® serves and represents real estate professionals as well as provides real estate information to the general public. About 3,400 members unite to make up one of Tennessee’s largest local REALTOR® organizations with real estate expertise stretching throughout the greater Memphis area. The MAARdata system includes records of all single-property transactions in Shelby, Fayette and Tipton counties. The MLS includes listings in Shelby, Fayette, Tipton, Hardeman, Hardin, McNairy, and Lauderdale counties in Tennessee; DeSoto County in Mississippi; and Crittenden County in Arkansas.

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