Memphis is a HOT, HOT, HOT real estate market right now.
According to a recent article by Jeff Rohde (https://learn.roofstock.com/blog/memphis-real-estate-market), “Memphis is ranked as one of the top 5 fastest-selling real estate markets in the US. Homes are selling fast, with fewer listings available and increased competition between homebuyers and investors.”
“Housing in Memphis has been in short supply for quite some time. 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.”
Rohde cited these statistics:
Key Market Stats:
• Zillow Home Value Index (ZHVI) for Memphis is $134,721 through November 2021.
• Home values in Memphis have increased by 20.7% over the last year.
• Over the past five years home values in Memphis have increased by 83.3%.
• Median sales price of a home in Memphis is $225,000 based on the most recent report from the Memphis Area Association of Realtors (MAAR).
• Median home sales prices in Memphis have increased by 25.7% year-over-year (as of November 2021).
• Of the 163 neighborhoods in Memphis, River Oaks is the most expensive with a median listing price of $417,500, according to Realtor.com.
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