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Key Real Estate Market Stats
- Median home listing price per square foot is $147
- Active Listings 2638
- Zillow Home Value Index for Memphis is $151,770
- Memphis home values have increased by 93.2% in the last five years.
- The median sales price for a Memphis home is $221,000
Memphis Real Estate Market
Memphis' housing market is not slowing down. Buyers are advised to act quickly if they want to make an offer. With fewer listings and more competition from homebuyers and investors, homes are selling quickly.
For a long time, Memphis housing has been in shortage. According to the Memphis Business Journal, fewer homes are being built because of a shortage of skilled workers and rising land development costs. This imbalance helps keep Memphis' real estate market strong.
Historical price changes and housing affordability
Investors with a long-term buy-and-hold strategy may seek out markets where price increases are slow but steady. Rentability is a measure of the demand for rental housing, and whether people will rent or buy.
The latest FMHPI for Memphis, TN-MS AR MSA reveals:
- April 2017 HPI: 125.3
- April 2022 HPI 205.2
- 5-year change in home prices: 63.7%
Memphis is located in southwest Tennessee, it’s famous for the influential strains of blues, soul and rock 'n' roll that originated there. The metro area and city grew out of suburbanization to encompass the entire region of southwest Tennessee, northern Mississippi, and eastern Arkansas. The city serves as a major transportation hub for the area.
Realtor.com rates Memphis as the #1 market for first-time buyers. Lured by the affordable home prices and a high percentage of renters in Memphis, investors are scooping up homes.
The Memphis real estate market may be hot, but there is more to Memphis than just the great real estate prices. The city, located along the Mississippi River, has Elvis' Graceland and the Blues Hall of Fame. It also boasts some incredible BBQ. Head out on a riverboat cruise or hit one of the bars on Beale Street.
Shelby County is Tennessee's most populous county but has the slowest growth, population-wise.
The following are key population statistics:
- Memphis has a city population of more than 633,000, with over 1.3 million residents in the metropolitan area.
- Median household income in Memphis is $53,896, while per capita income is $30,423.
Memphis Job Market
As residents and businesses continue to flock to Memphis, the annual employment growth is increasing. According to the BLS, Memphis' most popular job sectors are construction, manufacturing, business and professional services, leisure and hospitality, and professional and business service.
Bloomberg reports that Memphis is the top-ranked metro area for job creation in America, compared to the area's average employment rate over the last ten years.
Here are the key employment statistics:
- The GDP in Memphis has surpassed $77 billion and has grown by more than 30% over the past ten years.
- Memphis' employment has increased by 0.96% over the past year.
- Memphis jobs increased by 1.4% in the past 10 years compared to similar-sized cities like New Orleans, St. Louis, and Raleigh.
- FedEx, International Paper, and ServiceMaster are major employers in Memphis.