The Memphis Housing Market is deeply rooted in a rich tapestry of history, culture, and music, and is currently experiencing a dynamic shift in its real estate landscape.
As summer progresses, the Memphis property market is undergoing changes in sales and prices. The Memphis Area Association of REALTORS® (MAAR) has published the property market report for June 2023, offering valuable insights into the current state of real estate in the region. Let’s analyze the data and identify the factors affecting the Memphis property market in June, providing crucial information for both buyers and sellers to make informed decisions.
Decline in Total Sales in the Memphis Housing Market
In June 2023, the Memphis property market saw a reduction in total sales compared to the same month the previous year. A total of 1,762 units were sold, a significant 12.6% decrease from the 2,016 units sold in June 2022. This reduction in sales suggests that the market is encountering challenges that are affecting buyer activity.
Performance of Sales Year-to-Date
The year-to-date total sales figures are even more telling. The accumulated sales for 2023 amount to 7,587 units, a considerable 25.2% decrease from the 10,143 units sold by this time in 2022. This decline underscores the ongoing effects of current market conditions on buyer demand and overall sales performance.
Median Sales Price Experiences a Decline
The median sales price in Memphis experienced a minor decline in June 2023. The median sales price for the month was $240,000, a 4.0% decrease from the median price of $250,000 in June 2022. This decline in the median sales price may indicate a change in buyer preferences or a shift in the types of properties being sold in the market.
Slight Increase in Average Sales Price in the Memphis Housing Market
While the median sales price decreased, the average sales price in Memphis experienced a slight increase. In June 2023, the average sales price was $289,309, a 0.6% increase from the average price of $287,472 in June 2022. This increase in the average sales price suggests that properties with higher prices may have influenced the overall sales activity in the market.
Market Trends and Influencing Factors
Various factors may be affecting the Memphis housing market in June 2023. These factors include interest rates, local economic conditions, job market trends, and inventory levels. As the market continues to evolve, it is crucial for buyers and sellers to stay informed about these trends and collaborate closely with experienced real estate professionals to navigate the changing landscape effectively.
These market statistics indicate that the Memphis property market in June 2023 experienced a decline in total sales and a slight decrease in the median sales price, while the average sales price registered a modest increase. The market trends and influencing factors can offer valuable insights for buyers and sellers looking to make informed decisions in the current market conditions. As summer progresses, it is essential for all stakeholders in the Memphis property market to remain vigilant, monitor market trends, and seek expert advice to achieve their real estate objectives.
Memphis Property Market Forecast 2023-2024
Real estate in Memphis is among the most affordable in the United States. So, what are the predictions for the Memphis real estate market? Both potential homebuyers and real estate investors have shown interest in the Memphis housing market. As we progress through 2023, the Memphis Area Association of REALTORS® (MAAR) and Zillow have provided valuable data on home values, sales ratios, and pending times.
Let’s dive into the Memphis property market forecast, providing an overview of the projected trends and opportunities for buyers and sellers in the region.
Is Real Estate in Memphis, Tennessee, a Good Investment?
Now that you are familiar with Memphis’s location, you might be wondering why we recommend it to real estate investors. Is purchasing a house in Memphis, TN, a wise investment? Many real estate investors have questioned whether buying rental property in Memphis is a good investment. To understand what the market holds for the year ahead, it is necessary to delve deeper into local trends.
We have already examined the Memphis property market trends and predictions to provide answers on why to invest in this market. Although this article is not a comprehensive source for making a final investment decision in Memphis, we have gathered ten evidence-based positive aspects for those interested in investing in Memphis real estate.
Memphis is considered the second-largest metro area in the region and is located in the southwestern part of Tennessee. It has a rich history that spans several decades. Memphis is a hub for jobs, transportation, and is also an excellent place to live. The Mississippi River, Memphis International Airport, and numerous railroads are located in Memphis. The city is home to cultural festivals, BBQ contests, parks, and Graceland.
Memphis is a wonderful place to work and live, with a growing and diverse population. With these facts in mind, Memphis and its real estate market are on track for a promising future. Investing in Memphis rentals is likely to yield good returns in the long term as home prices in Memphis have been increasing year-over-year. Let’s examine the positive aspects of the Memphis real estate market that can benefit investors looking to purchase an investment property in this city.
Top Reasons to Invest in Memphis Real Estate
Fully Rehabbed Properties with Great Cash Flow
High rental rates relative to price.
Affordable housing in a non-bubble market.
Nine Fortune 500 companies (e.g., FedEx, AutoZone).
43% of Memphis rents vs. 33% of the U.S.
Cost of living approximately 10% below the U.S. average.
Properties 10% – 30% below market value.
Positive one-year appreciation forecast.
In conclusion, the Memphis property market in 2023 has experienced some challenges, such as a decrease in total sales and a slight dip in the median sales price. However, there are also positive signs, such as a modest increase in the average sales price and several compelling reasons for investors to consider Memphis for their real estate investments. As we move forward, it will be crucial for all stakeholders to stay informed about market trends and seek expert advice to achieve their real estate goals.