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With affordable home prices and a high percentage of renters, Memphis is one of the best real estate markets for investors and first-time home buyers. Being aware of trends in the market is important in order to get the most out of your investment, no matter if you’re buying or selling. In this blog, we’ll highlight a few trends we saw in the Memphis real estate market in 2022, like:
While the real estate market has been in favor of sellers this last year, the Memphis area has been more neutral for the past several months. This means that home prices are reasonable and they stay on the market for an expected amount of time. While sellers may be slightly sad to see this trend occurring, it’s a sign that the real estate market is finally starting to settle down from the post-pandemic spike.
One of the main reasons real estate investors and first-time buyers love the Memphis area is the low home prices. According to Redfin, home prices in 2022 were down 2.8% compared to 2021, with a median price of $175k. Considering the massive increase in home prices that happened at the start of 2022, having any amount of price decrease from the year prior is rare. So, if you’re looking to buy a home, there’s a good chance that you’ll be able to find a great deal in the Memphis area.
While most big cities have a high demand for properties close to downtown and all the hustle and bustle, residents of Memphis are looking for the opposite. According to Zillow, homes in suburban areas have a higher property value and sell quicker than homes in the downtown area. In fact, downtown homes only have a median value of around $75, 145. So, if you’re looking to invest in or flip a house, you can find a great deal in the heart of Memphis! Or, if you’re looking to sell your suburban family home, keep this trend in mind when you’re setting a listing price — you may be able to list it for higher than expected.
Not sure where to invest? Read our blog and discover the best neighborhoods in Memphis.
Our team at Memphis Cashflow works to provide investors with ideal locations for rental properties. Several neighborhoods in Memphis have attractions that make them marketable and appealing to every age group. If you are interested in property investment in the Memphis area, contact us today for more information.