Memphis TN Real Estate - Memphis TN Homes For Sale | Zillow (2024)

FAQs

Are home prices dropping in Memphis? ›

Memphis Housing Market Trends

What is the housing market like in Memphis today? In July 2024, Memphis home prices were down 0.76% compared to last year, selling for a median price of $195K. On average, homes in Memphis sell after 42 days on the market compared to 39 days last year.

- Whether you rent or pay a mortgage, housing is likely the greatest expense for your family. However, quality and affordable housing is hard to come by. As FOX13 has reported, the Memphis metro area has a deficit of about 35,000 affordable housing units, according to the National Low Income Housing Coalition.

Pro: Affordable housing

Memphis boasts a relatively low cost of living compared to other major cities in the United States. Housing is particularly affordable, with a median home sale price of $180,750 and a variety of options ranging from historic homes to modern new builds.

Sale-to-list price ratio: 100% Homes in Memphis, TN sold for approximately the asking price on average in July 2024. Memphis, TN is a buyer's market in July 2024, which means that the supply of homes is greater than the demand for homes.

The city of Memphis has established itself as an investor-friendly city due to the relatively low cost of living and favorable property tax rates that allow for a healthier bottom line and increased potential for profitability.

Development firms near and far are planning and proposing major development projects that will change the city of Memphis. Hotels, industrial properties, affordable housing, and mixed-use projects are in the works for this unstoppable city.

Between 1970 and 2010, Memphis's population increased 4 percent, while the city's geographic area increased 55 percent (Barlow, Pacello, and Whitehead 2016). The city has long struggled with poverty, vacant homes, and abandoned buildings, along with high crime and dwindling public-sector capacity.

Unsurprisingly, the nation's two largest cities — New York and Los Angeles — have the largest estimated overall housing shortages at roughly 390,000 and 337,000, respectively. Between 2021 and 2022, New York City's housing shortage increased by more than 3.5%, according to Zillow.

In 2010, the US Census showed the Memphis population at 646,889. Ten years after that, the number of Memphians fell to 633,104. But the decline in just the past three years, according to census estimates, is eye-opening. The 2023 estimated population now sits at 618,639 - a drop of 14,465.

East Memphis offers the laid-back lifestyle of the suburbs with all the amenities of the metro, making it a popular place to live in Memphis for families. This large neighborhood is on the eastern edge of Memphis, just 20 minutes from downtown, where parents can easily commute for work or date night.

Where is the safest place to live in Memphis TN? ›

The hourly wage needed for a single adult to live comfortably in Memphis is $41.20. The salary needed for a single adult to live comfortably in Memphis is $85,696. The total salary needed for two working adults with two children to live comfortably in Memphis is $194,106.

The lack of affordable options is a problem all across Memphis. The Memphis metro area has a deficit of around 35,000 affordable housing units, according to the National Low Income Housing Coalition. Community LIFT has a mission of revitalizing the neighborhoods in Memphis that need it the most.

In July 2024, 18.1% of homes in Tennessee sold above list price, down 5.0 points year. There were only 31.8% of homes that had price drops, up from 24.0% of homes in July last year. There was a 98.0% sale-to-list price, down 0.29 points year over year. … Homes that sold above list price likely received multiple offers.

Because Memphis has been such an important city for transportation and shipping, it is attractive to businesses, especially those producing goods shipped nationwide. Three Fortune 500 companies, FedEx, AutoZone and International Paper Co. call Memphis home.

Tennessee Housing Market Overview

In July 2024, home prices in Tennessee were up 1.9% compared to last year, selling for a median price. On average, the number of homes sold was up 6.5% year over year and there were 8,307 homes sold in July this year, up 7,803 homes sold in July last year.

The cost of living in Memphis, TN is same as the state average and 10% lower than the national average. Memphis, TN housing is 18% cheaper than the U.S average, while utilities are about 11% less pricey.