Memphis-area residential sales for July decreased 7.5 percent from a year ago, with 1,621 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 9.0 percent from June, when there were 1,781 total sales. Average sales price from July-to-July was up 9.6 percent, at $179,770. Inventory increased 1.6 percent, with 5,732 units listed for sale. YTD sales volume increased by 9.3 percent, at $1.64 billion.
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“The residential market is having a solid year, as evidenced by the total sales numbers through seven months,” said MAAR President Joe Steffner. “And pricing is up substantially from last July.” 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. MAAR members subscribe to the National Association of REALTORS® Code of Ethics.
Courtesy of the Memphis Area Association of REALTORS®