Home values on the rise as housing inventory declines
3 things to know from January housing report
The Memphis Area Association of Realtors released its first market report of 2022 Tuesday — an initial indicator of where the local housing market stands in the new year.
In 2021, median home values continued to increase as dwindling inventory meant a competitive buyers' market in the Memphis area, even as the total number of home sales increased from 2020 (19,698) to 2021 (22,263), according to MAAR data.
Here are three things to know about the Memphis housing market from the January report.
How many Memphis-area homes were sold in January?
Total home sales in the Memphis area declined in January 2022, whether comparing the total to the same point last year or the previous month.
There were 1,322 total Memphis-area home sales in January, according to MAAR. That's a 13% decrease from January 2021 (1,520) and a 26.9% decrease from December (1,809).
What was the January median home sales price?
The median sales price for a Memphis-area home last month was $195,000, according to MAAR. That's a 16.1% increase from January 2021 ($168,000).
That's one trend expected to continue, as local real estate experts anticipate the area's inventory will remain on the decline and the sellers' market carries on.
How many active listings are in the Memphis area?
The number of active listings is currently 1,882, a decline from the 2,165 listings on the market in December, according to MAAR.
That continues a recent trend of MAAR reporting a decrease in active listings on the market each month since this past August.
“Sales volume is up almost 5 percent compared to the start of 2021,” MAAR President Bill Stewart said in a statement about MAAR'S January report. “It's competitive when making an offer, especially with inventory running a little low.”
Omer Yusuf covers the Ford project in
Haywood County, residential real estate and tourism for The Commercial Appeal. He can be reached via email Omer.yusuf@commercialappeal.com or followed on Twitter @Omerayusuf.