The Memphis-area housing market continues trending toward a “normal” market with home sales and prices remaining relatively flat in August, according to data from the Memphis Area Association of Realtors.
For years, Memphis has been classified as a seller’s market due partly to lower inventory and higher home prices. With inventory increasing and homes being on the market for longer at prices closer to appraised value, that’s led several local Realtors to believe the area is entering a “normal” market.
Here are four takeaways from MAAR’s August report on the housing market.
How many Memphis-area homes were sold in August?
Memphis-area home sales declined by 6.6% from August 2021 to August 2022, according to MAAR data.
There were 1,917 home sales last month, compared to 2,053 homes sales in August 2021.
Monthly sales volume decreased slightly by 1.8% from August 2021 ($523.2 million) to ($513.8 million) in August 2022.
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While down from a year ago, August 2022 home sales remain similar to July’s numbers, when there were 1,984 home sales.
Overall, total home sales in the Memphis area through August 2022 are down 4.3% from the same period last year.
There have been 14,047 home sales this year through August, a decrease from the 14,674 homes sold through August 2021.
What was the Memphis-area median home sales price in August?
The median home sales price in the Memphis area increased marginally by 1.4% from August 2021 to August 2022.
In August 2021, the median home sales price was $220,000. In August 2022, that figure increased to $223,000, though that represents a decline from the price in July 2022, which was $233,250.
Through August 2022, the median home sales price for a house in the Memphis area was $220,000 — a 10% increase from the median price of $200,000 for the same period a year ago.
How many active listings are in the Memphis area?
Local housing inventory remained flat from July to August, according to MAAR.
There were 2,871 local active listings reported as of August 2022.
It’s an increase of only 32 from July’s 2,839 reported active listings. Inventory now is higher compared to August 2021’s total of 2,659.
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What Memphis neighborhoods saw the highest increases in median sales prices?
Southwind saw a 46.2% increase in its median home sales price from August 2021 ($280,500) to August 2022 ($410,000). A total of nine home sales were reported in the neighborhood last month, a decrease from the 12 in August 2021.
There was a 25.3% increase in South Memphis’ median home sales price from the same period a year ago ($49,500) compared to last month ($62,000). There were 108 reported home sales last month compared to 94 in August 2021.
Whitehaven reported a 21.4% increase from August 2021 ($87,250) to August 2022 ($105,900), according to MAAR. There were 107 home sales reported in the neighborhood in August compared to 78 for the same period a year ago.
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.