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Real Estate Market Trends: Everything You Need to Know in Beautiful Memphis

Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Memphis, TN, is certainly worth considering.

Founded in 1819 by former president Andrew Jackson, the city of Memphis was once an agricultural hub with easy access for exports via river and train. Today the city is a lively, culturally dense metro with close connections to industry, music, and food. Just take its many nicknames, such as “Home of the Blues” and “Soulville, USA”, for example.

But what about the Memphis real estate market? What do stats and trends look like, especially right now? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.

Here are some of the top trends for January 2024 in the Memphis real estate market:

Memphis General Statistics

  • Population (city proper): 618,626 (down .2% since 2020)
  • Population (metro area): 1,330,954
  • Area (city proper): 249.9 sq. mi.
  • Area (metro area): 4,575.2 sq. mi.
  • Median Age: 34.7
  • GDP: $96.1 Billion
  • Unemployment rate: 3.9% (down .2% since November 2023)
  • Top employers: FedEx, AutoZone, Sedgwick James Inc., International Paper, Baptist Memorial Health Care, Perkins Restaurant and Bakery, Temp1, Perkins and Marie Callender’s Holding LLC, Service Master, CDRSVM Holdings LLC.
  • Highest paying jobs: Dedicated Owner Operator, Nurse Practitioner, Box Truck Owner Operator, Outpatient Clinic RN, Dedicated Truck Driver, Aircraft Mechanic, Warehousing, Independent Courier.
  • Median income (per capita): $31,620
  • Median income (household): $50,622

Memphis Real Estate Market Statistics

Memphis real estate market

  • Neighborhoods: 202
  • Homes for sale as of January 2024: 3,629
  • Median list price: $194k (down 3% since November 2023)
  • Median sold price: $183K (up 5% since November 2023)
  • Sale-to-list price ratio: 97.5%
  • Median price per square foot: $123
  • Median days on market: 66 (up 24% since August 2023)
  • Rental vacancy rate: 6.7%
  • Homeowner vacancy rate: 10.6%
  • One-year appreciation rate: 6.4%
  • Average rent: $1,082
  • Price-to-rent ratio: 10.5
  • Most expensive neighborhoods:

 

Neighborhood Average Monthly Rent Median Listing Price
River Oaks, Brierwood $2,125 $845,492
Belle Meade $1,988 $769,849
Red Acres $1,786 $687,743
Chickasaw Gardens/Lundee $2,098 $655,900
South Germantown $2,014 $609,806
  • Least expensive neighborhoods:

 

Neighborhood Median Monthly Rent Median Listing Price
South Memphis $1,429 $73,249
Hamilton $1,431 $76,299
Douglass $1,195 $80,604
Oakville $1,528 $82,122
Westwood Meadows $1,633 $89,524

Final Thoughts: Memphis Real Estate Market Trends in January 2024

The Memphis real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Memphis real estate market could provide ample opportunity to build your portfolio.

Get Started Buying Homes With Evernest

Whether you’re purchasing one Memphis home or one hundred, you don’t have to go it alone.

If you’re ready to buy your first (or next) investment property, here are three steps to get started today:


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