Memphis home sales down 37%: What to know about the current market

The Memphis area had almost 600 more homes for sale compared to a year ago, but sales were still down more than 37% in July as prices continue to slowly tick up, according to data from the Memphis Area Association of Realtors.

Here are five things to know from the association’s July report on the housing market in Shelby, Fayette and Tipton counties.

How many Memphis-area homes were sold in July?

According to the report, July saw a 37.2% decrease in the number of units sold year-over-year, dropping from 2,006 in July 2022 to 1,260 last month.

July saw the third-highest number of units sold for the year. June has had the most with 1,762, followed by March at 1,367.

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

The median home sale price in July was $239,950. This was a 2.1% increase from July 2022 ($235,000).

How many active listings are in the Memphis area?

Memphis saw 3,445 active listings during July, a 21.3% increase compared to the 2,839 active listings in July 2022.

Active listings rose 7.9% from June (3,192) to July.

In July, the 3,445 active listing had an average price of $362,771.

Which Memphis neighborhoods saw the highest increases in the median sales prices?

Downtown again saw the highest increase in median sales prices with a 20.6% increase. Units went from a median of $257,000 in July 2022 to $310,000 this year. There were 42 units sold compared to 47 last July. This is a 10.6% decrease.

The Berclair/highland Heights area saw the second-highest increase in median sales prices with homes pricing at $110,000 last month. This is 19.6% higher than last July when the median price was $92,000. The number of units dropped by 38.4%, with only 45 units selling in July compared to 73 this time last year.

South Memphis saw a similar percentage increase to Berclair/highland Heights, with prices climbing 19.5%. The median home price in July rose to $59,750 from $50,000 in July 2022. The area also saw a drop in the number of units sold from 111 to 66 from last July, a 40.5% decrease.

East Memphis median home prices rose 18.9%. The median price was $267,550 for July compared to $225,000 in July 2022. There was also a significant decrease in the number of units sold, dropping 38.6% from 345 units in July 2022 to 212 last month.

Which Memphis neighborhoods saw the biggest decreases in houses sold?

Despite there being drops across the board, the greatest decrease in the number of units sold was in the Raleigh/covington Pike area. There were 46 units sold this July compared to 119 sold last July — a 61.3% decrease.

Lakeland saw a 48.6% decrease, dropping from 35 units in July 2022 to 18 last month.

Whitehaven saw a similar drop with a 46% decrease. There were 61 units sold last month compared to 113 in July 2022.

Jordan Green covers trending business news for The Commercial Appeal. She can be reached via email Jordan.green@commercialappeal.com or on X, @_green_jordan_