Affordable real estate prices in Memphis are creating an influx of out-of-state investors who are snapping up local homes for the rental market. As the Memphis Business Journal reports, good homes in Memphis are frequently getting multiple offers the same day they hit the market and are frequently selling for more than the asking price.
Memphis is ranked as one of the best real estate markets in the U.S. by WalletHub. The report compared 300 cities across the country and analyzed key factors important to real estate investors including median home-price appreciation, activity in the real estate market, and strength of the local economy.
A recent article in the Memphis Business Journal notes that fewer new homes are being built due to a shortage of qualified workers and the rising cost of land development. The imbalance between supply and demand helps to keep prices high and the demand for rental property in Memphis robust.
Key Market Stats:
- Zillow Home Value Index (ZHVI) for Memphis is $123,492 through June 2021.
- Home values in Memphis have increased by 18.7% over the last year.
- Over the past five years home values in Memphis have increased by 68.5%.
- Median sales price of a home in Memphis is $223,000 based on the most recent report from the Memphis Area Association of Realtors (MAAR).
- Home sales prices in Memphis have increased by 19.6% year-over-year.
- Of the 164 neighborhoods in Memphis, Central Gardens is the most expensive with a median listing price of $409,500, according to Realtor.com.
- Most affordable neighborhood in Memphis for buying a home is Binghampton where the median listing price is $65,000.
Source: https://learn.roofstock.com/blog/memphis-real-estate-market