MAAR: Housing sales down, prices up for April

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Memphis-area home sales for April dropped 14.9%, from 1,710 total homes sold in April 2019 to 1,456 sold this April, according to the Memphis Area Association of Realtors MAARdata property records database.

Sales were down 7.0 percent from March, when there were 1,566 total sales.
The area’s average sale price for homes was up 20.7%, from $178,262 in April 2019 to $215,159 in April 2020.

Year to date, total home sales have dropped 1.2%, from 5,743 in the first four months of 2019 to 5,675 for the same period this year.

Inventory decreased 0.7 percent, with 3,340 units listed for sale. Year-to-date sales volume was up 9.8 percent at $1.09 billion.

Year to date, the average sales price was up 11.2% from $172,803 in the first four months of 2019 to $192,218 for the first four months of this year.

April is the most recent month for which Memphis-area housing sales data is available.
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.

For more information, historical home sales statistics for the greater Memphis area can be found on the MAAR website at maar.org/marketstats.

Bartlett

  • April 2019 vs. April 2020: Sales dropped 1.9%, from 104 to 102 units. The median sales price rose 14.6%, from $188,950 to $216,443. New home sales dropped by 75%, from 4 to 1. The average sales price for all homes rose 20.4%, from $304,700 to $366,900.
  • Comparing year-to-date: Total 2020 YTD homes sales in Bartlett through the end of April rose 5.7% from 317 units in 2019 to 335 units in 2020. The YTD median sales price rose 12.5%, from $200,000 in 2019 to $225,000 this year.

Arlington

  • April 2019 vs. April 2020: Total home sales in Arlington dropped 14%, from 43 to 37 units. The median sales price rose 7.7%, from $301,900 to $325,000. New home sales rose 10%, from10 to 11 units. The average sales price for all homes rose 7.2%, from $291,504 to $312,582.
  • Comparing year-to-date: Total 2020 YTD homes sales in Arlington through the end of April dropped 5%, from 120 in 2019 to 114 in 2020. The YTD median sales price rose 8.1%, from $290,000 in 2019 to $313,500 this year.

Lakeland

  • April 2019 vs. April 2020: Sales rose 7.1%, from 28 to 30 units. The median sales price rose 26.4%, from $318,341 to $402,500. New home sales rose 75%, from 4 to 7. The average sales price for all homes rose 21.6%, from $312,680 to $380,124.
  • Comparing year-to-date: Total 2020 YTD home sales in Lakeland through the end of April rose 25.4%, from 71 in 2019 to 89 in 2020. The 2020 YTD median sales price rose 21.9%, from $274,900 in 2019 to $334,999 in 2020.

Shelby County

  • April 2019 vs. April 2020: Sales dropped 15.7%, from 1,563 to 1,318 units. The median sales price rose 25.2%, from $137,000 to $171,575. New home sales rose 18.2%, from 44 to 52 units. The average sales price rose 22.8%, from $174,577 to $214,373.
  • Comparing year-to-date: Total YTD home sales in Shelby County through the end of April dropped 2.9% from 5,259 to 5,105 units. The 2020 YTD median sales price rose 15.5%, from $129,000 in 2019 to $149,000 this year.