Most Memphis neighborhoods saw declining home sale activity in September, though several saw price increases

Every Memphis neighborhood recorded fewer homes sold in September 2023 year over year, a continued reflection of the current housing market, according to data from the Memphis Area Association of Realtors (MAAR).

A majority of Memphis neighborhoods reported declining home sale values, although there were a few that reported increases.

One of which was South Memphis. Even though home sales in that area declined 20.2% from September 2022 to September 2023, the median sales price rose 34.5% to $74,000. The average sales price increased 23.7% year over year to $84,169.

Whitehaven’s home activity dwindled even more than South Memphis — down 26.1% year over year. The median sales price increased 13.1% to $117,450 in September 2023 compared to a year ago. The average sales price increased only by 1.3% to $115,831 over the same period.

MAAR reported a 13.5% decline in Parkway Village/Oakhaven home activity in September 2023. The median sales price in the area rose 18.2% to $125,000, while the average sales price increased at nearly the same figure from 17.3% to $128,233.

Year to date, the Memphis-area housing market has seen home activity decline across the board by 26.3%, with median home sales dropping 4.8% and average sales price going up by 1.6%.

Downtown has seen the highest increase in median sales price year to date through September, although home sale activity Downtown is down 37.8% from 2022. The city’s core neighborhood has seen a 16.5% increase in median price to $268,000, and the average sales price also increased 10% to $294,221.