Memphis real estate: Sales, prices and inventory all down as 2023 gets off to slow start

Corinne S Kennedy, Memphis Commercial Appeal
·2 min read

The start of the year saw a dip in home sales and prices, according to the Memphis Area Association of Realtors.

“January is always a slow month, and this one was no different,” said Carmen Prince, the association's 2023 president. “But there are still good opportunities out there.”

Here are four takeaways from the association’s January report on the local housing market.

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How many Memphis-area homes were sold in January?

According to MAAR, 1,002 homes were sold in January of this year, down 25% from January 2022.

Sales were down 20% from December, when there were 1,253 total sales.

Monthly sales volume also dropped by almost 32% from January 2022 ($330.3 million) to January 2023 ($224.9 million.)

Real estate signs are seen in the yards of homes throughout Piperton Preserve on Thursday, Jan. 23, 2020, in Piperton.
Real estate signs are seen in the yards of homes throughout Piperton Preserve on Thursday, Jan. 23, 2020, in Piperton.

What was the Memphis-area median home sale price in January?

The median sale price in January also dropped from a year prior, according to MAAR data.

The median sale price of a Memphis-area home last month was $175,000, down from $195,375 in January 2022, a more than 10% dip.

How many active listings are in the area?

The Memphis-area market also saw a 8.3% dip in inventory, according to the agency’s database.

There were 2,690 units listed for sale in January.

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Which neighborhoods saw the highest increases in median sales prices?

Downtown saw a significant spike in median sales prices, jumping almost 30% from January 2022 ($187,500) to January 2023 ($243,000). There were 27 Downtown units sold last month, down from 34 a year prior.

Berclair/Highland Heights saw a 31.9% increase in median sales prices, jumping to $95,000 last month from $72,000 in January 2022. A total of 38 units in the neighborhood were sold last month, down from 49 a year prior.

Fayette County also saw a jump. The median sales prices for a home in the county last month was $377,450, up from $311,750 in January 2022, a 21.1% increase. Forty-four units were sold in the county last month, down from 51 a year prior.

Corinne S Kennedy covers economic development, real estate and healthcare for The Commercial Appeal. She can be reached via email at Corinne.Kennedy@CommercialAppeal.com

This article originally appeared on Memphis Commercial Appeal: Memphis real estate: Home prices, sales and inventory in January