2023’s Memphis real estate trends continued in June with fewer homes sold and a decrease in median home sale prices, according to data from the Memphis Area Association of Realtors.
Here are four things to know from the association’s June report on the housing market in the area.
How many Memphis-area homes were sold in June?
According to the MAAR report, there were 1,762 homes sold in June this year. That is down 12.6% compared to 2,016 homes sold in June 2022.
June had the highest number of monthly sales for the current year. March (1,367) had the second-highest number of home sales, while February (917) had the fewest.
But year to date, the area has seen 25.2% fewer homes sold than in 2022 (7,587 in 2023 compared to 10,143 in 2022.)
What was the Memphis-area median home sale price in June?
Following this year’s trend, June saw a decrease in the median home sale price. For June 2023, the median price was $240,000. This is down 4% from $250,000 in June 2022.
MEMPHIS HOME PRICES: Which Memphis neighborhoods have seen the biggest decrease in home prices in 2023?
How many active listings are in the Memphis area?
There were 3,192 active listings in Memphis in June. This is a 34.1% increase from last June’s 2,380 active listings.
The report also shows a 4% increase in active listings from May to June of this year.
Which neighborhoods saw the highest increases in the median sales prices?
The median sales price in Downtown Memphis increased by 72.5%, jumping from $187,500 in June 2022 to $323,500 last month. There were 48 units sold Downtown in June 2023, down from 51 units sold in June 2022.
Whitehaven saw a median price increase of 21.9%, climbing from $98,000 in June 2022 to $119,500 in June 2023. There was also an increase in units sold going from 84 units in June 2022 to 88 units in June 2023.
MEMPHIS REAL ESTATES: Which Memphis neighborhoods have seen the highest increase in home prices in 2023?
Berclair and Highland Heights saw a 13.5% increase, with the median sales price going from $100,000 to $113,500. Berclair and Highland Heights saw a small decrease in the amount of units sold in June 2023 (62) compared to June 2022 (68).
Arlington saw similar numbers to Berlcair, with a 12% increase in median sales price — $425,000 in June 2022 compared to $476,180 in June 2023. Arlington saw a 24.3% decrease in units sold between June 2022 (37) and June 2023 (28).
Jordan Green covers trending business news for The Commercial Appeal. She can be reached via email [email protected] or on Twitter, @_green_jordan_
This article originally appeared on Memphis Commercial Appeal: Memphis real estate: Home prices, sales and inventory in June