August Market Report

MEMPHIS, Tenn., Sept. 12, 2016 – (RealEstateRama) — Memphis-area home sales for August increased 12.6 percent from a year ago, with 1,738 total sales recorded in the Memphis Area Association of REALTORS®MAARdata property records database. Sales were up 7.2 percent from July, when there were 1,621 total sales. Average sales price from August-to-August was up 6.0 percent, at $175,423. Inventory decreased 1.2 percent, with 5,666 units listed for sale. YTD sales volume increased by 10.8 percent, at $1.95 billion.

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»  GET THE AUGUST MARKET REPORT HERE.

August Comparison

2016 2015 % Change
Total Home Sales 1,738 1,543 12.6%
Median Sales Price $140,000 $129,900 7.8%
Average Sales Price $175,423 $165,500 6.0%
Monthly Sales Volume $304.9 million $255.4 million 19.4%

 

 

Year-to-Date Comparison

2016 2015 % Change
Total Home Sales 11,870 11,051 7.4%
Median Sales Price $133,500 $127,000 5.1%
Average Sales Price $164,532 $159,122 3.4%
Monthly Sales Volume $1.64 billion $1.76 billion 10.8%

Historical home sales statistics are located at maar.org/marketreports.

“The August numbers were up across the board,” said MAAR President Joe Steffner. “The market has remained very active late into summer.”

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 3,100 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 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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The Memphis Area Association of REALTORS® (MAAR) is Tennessee's largest local REALTOR® organization, encompassing Shelby, Fayette, Tipton, Hardin, Hardeman and McNairy Counties. Founded by eight charter members in 1910, MAAR recently celebrated its 100th anniversary. MAAR's focus is serving and representing real estate professionals as well as providing real estate information to the general public.

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