The housing market is strong in Memphis. Many homeowners could see a 14% return on their investments.
The rental market also looks bright for 2022, with an anticipated increase in rental rates. The Memphis metro area has a low vacancy rate with more people moving in every year.
The combination of strong appreciation rates and low mortgage interest rates makes the Memphis real estate market a very attractive market for buyers. With the right research and a commitment to finding the right property, anyone can find a great home or investment property in Memphis. Let’s dive into this.
Memphis
The history of Memphis dates back to the 19th century when it was first established as a river town. Since then, Memphis has become home to some of the most iconic landmarks in America including Graceland and Sun Studio. The city is also known for its vibrant music scene which includes blues, rock ‘n’ roll, and gospel music.
Today, the Memphis real estate market offers a variety of housing options, from historic homes to modern apartments and condos. Whether you’re looking for an urban retreat or a suburban oasis, there are plenty of great places to call home in Memphis.
If you’re considering purchasing property in Memphis, here are some things to keep in mind:
- The median home value in Memphis is around $102,000
- Property taxes are low compared to other cities in Tennessee
- There are a variety of neighborhoods with their own unique character and culture
- Crime rates are lower than the national average
- The cost of living in Memphis is low compared to other cities in the US
- The Memphis area offers plenty of amenities and entertainment
Whether you’re looking for a place to start a family or an investment property, the Memphis real estate market has something for everyone. With its strong appreciation rates, low mortgage interest rates, and a variety of housing options, Memphis can be a great place to call home.
Memphis Neighborhoods
When it comes to real estate in Memphis, there’s something for everyone. Whether you’re looking for a quaint home in the suburbs or a modern apartment downtown, you’ll find plenty of housing options in the city.
Downtown Memphis is the heart of the city. It offers plenty of entertainment, dining options, and shopping. East Memphis is known for its tree-lined streets, beautiful homes, and great schools.
Midtown is home to the city’s art galleries and museums and is a great place to explore the city’s culture.
Cooper-Young is a trendy neighborhood known for its eclectic restaurants and vibrant nightlife. Whitehaven, located in the southwest part of the city, is known for its beautiful homes and friendly neighborhoods. South Main is home to a variety of businesses, from boutiques to restaurants.
No matter where you choose to live in Memphis, you’ll find plenty of things to do and explore.
Memphis Real Estate Trends
The Memphis real estate market has been on a steady incline since the beginning of 2021. Home prices have risen by more than 8%, and rents are expected to increase as well. The current median home price in Memphis is $102,000, which is lower than the US national median of $218,000.
This is great news for both buyers and sellers, as it indicates a healthy real estate market with plenty of opportunity. The rental market has also been very strong in Memphis. Renters can expect to pay around $1,000 per month on average for a one-bedroom apartment.
This is just above the US national median of about $900 per month. Overall, Memphis looks like a great place for real estate investors in 2022. The combination of affordable housing prices and strong appreciation rates makes it an attractive market for investors.
Buyers should also keep an eye on the latest news about mortgage rates, as lower rates could mean even greater savings when buying a home.
Why Buy a House in Memphis?
There are many reasons to buy a house in Memphis. The city has a vibrant culture, plenty of entertainment, and great schools. Let’s take a look.
Strong Appreciation Rates
While Memphis has affordable homes on the market, home values have been increasing since 2017. They are expected to keep climbing throughout 2022. This creates a strong opportunity for both buyers and sellers.
Low Unemployment Rate
The unemployment rate in Memphis is just 3%, which is much lower than the US national average of 6%. This creates a stable job market, making it easier to secure financing when buying a home.
Great Education System
Memphis has some of the best schools in the country, with many of them ranking in the top 10 nationwide. This makes it a great place to raise a family and provides buyers with the peace of mind of knowing their children will receive excellent educational opportunities.
Low Cost of Living
Memphis also has a low cost of living, making it much easier to manage day-to-day expenses. This is great news for buyers on a budget, as they can stretch their dollar further in Memphis than in other larger cities.
No Income Tax
Tennessee does not have an income tax, which is great news for anyone looking to save money on their taxes. This can help buyers save thousands of dollars every year.
Growth & Potential
Memphis is a growing city and has plenty of potential for future growth. This makes it an attractive option for buyers who are looking to invest in a city with the potential for increased home values.
Job Opportunities
Memphis has a thriving job market with many employers offering competitive salaries. This can make it easier to secure financing when buying a home. It also provides job security for the future.
Investment Opportunities
Memphis is a great market for investors, as home values are expected to continue increasing throughout 2022. The combination of affordable housing prices and strong appreciation rates makes Memphis a great place to invest.
How To Buy a House in Memphis
It’s always a good idea to get pre-approved for financing. This will give you an idea of how much you can afford and what type of mortgage is best for your situation. Then, find a reputable real estate agent.
A good real estate agent can help simplify the process of buying a house and guide you through any potential pitfalls. Make sure to interview several agents to find the right one for you.
Take some time to research different neighborhoods and find out what amenities are available in each area. This will help you narrow down your search to the areas that best meet your needs.
Before making an offer, it’s important to get a thorough home inspection done. This will ensure that any potential issues are identified and can be dealt with prior to closing on the house.
Once you’ve found the perfect house, make an offer and begin the process of closing on the deal.
How To Sell a House in Memphis
Selling a house in Memphis is straightforward. Before you list your home, make sure to research comparable homes in the area and determine an appropriate asking price. Invest in curb appeal and staging.
Curb appeal and staging can go a long way toward attracting potential buyers. Investing some time and money here will pay off in the long run, as it will help get people through your door to view the property.
Find a good listing agent. A good real estate agent can be invaluable when it comes to selling a house in Memphis. They have experience navigating the local market and know how to get top dollar for your home.
Once you have a listing, make sure to advertise and market the property effectively so that potential buyers can find it. Your agent should be able to help with this process.
When you receive an offer, work with your agent to negotiate the best price possible before closing on the deal.
With these tips in mind, it is much easier to sell your house in Memphis than you might think! Do your research and seek professional help when necessary and you’ll be well on your way to finding (or selling) your perfect home.
Get Into the Hot Memphis Real Estate Market
Investing in the Memphis real estate market can be a great way to build wealth and generate passive income. Memphis is a market that offers excellent opportunities for buyers, investors, and sellers alike.
If you’re looking to buy or sell a home in Memphis, be sure to check out Webuyhousesmemphis. We offer comprehensive services that make the process simple and straightforward.
Our team of experts is ready to help you find your dream home or get the best price for your current property. Begin your property search today.