Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Memphis, TN, is certainly worth considering.
Founded in 1819 by former president Andrew Jackson, the city of Memphis was once an agricultural hub with easy access for exports via river and train. Today the city is a lively, culturally dense metro with close connections to industry, music, and food. Just take its many nicknames, such as “Home of the Blues” and “Soulville, USA”, for example.
But what about the Memphis real estate market? What do stats and trends look like, especially right now? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.
Here are some of the top trends for January 2024 in the Memphis real estate market:
Memphis General Statistics
Population (city proper): 618,626 (down .2% since 2020)
Population (metro area): 1,330,954
Area (city proper): 249.9 sq. mi.
Area (metro area): 4,575.2 sq. mi.
Median Age: 34.7
GDP: $96.1 Billion
Unemployment rate: 3.9% (down .2% since November 2023)
Top employers: FedEx, AutoZone, Sedgwick James Inc., International Paper, Baptist Memorial Health Care, Perkins Restaurant and Bakery, Temp1, Perkins and Marie Callender’s Holding LLC, Service Master, CDRSVM Holdings LLC.
Highest paying jobs: Dedicated Owner Operator, Nurse Practitioner, Box Truck Owner Operator, Outpatient Clinic RN, Dedicated Truck Driver, Aircraft Mechanic, Warehousing, Independent Courier.
Median income (per capita): $31,620
Median income (household): $50,622
Memphis Real Estate Market Statistics
Neighborhoods: 202
Homes for sale as of January 2024: 3,629
Median list price: $194k (down 3% since November 2023)
Median sold price: $183K (up 5% since November 2023)
Sale-to-list price ratio: 97.5%
Median price per square foot: $123
Median days on market: 66 (up 24% since August 2023)
Rental vacancy rate: 6.7%
Homeowner vacancy rate: 10.6%
One-year appreciation rate: 6.4%
Average rent: $1,082
Price-to-rent ratio: 10.5
Most expensive neighborhoods:
Neighborhood | Average Monthly Rent | Median Listing Price |
River Oaks, Brierwood | ||
Belle Meade | ||
Red Acres | ||
Chickasaw Gardens/Lundee | ||
South Germantown |
Least expensive neighborhoods:
Neighborhood | Median Monthly Rent | Median Listing Price |
South Memphis | ||
Hamilton | ||
Douglass | ||
Oakville | ||
Westwood Meadows |
Final Thoughts: Memphis Real Estate Market Trends in January 2024
The Memphis real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Memphis real estate market could provide ample opportunity to build your portfolio.
Get Started Buying Homes With Evernest
Whether you’re purchasing one Memphis home or one hundred, you don’t have to go it alone.
If you’re ready to buy your first (or next) investment property, here are three steps to get started today:
Subscribe to our podcast: The Evernest Real Estate Investor Podcast—for all things real estate investing, being a landlord, growing your portfolio, and more.
Find a property: Make sure you sign up for our Pocket Listings to get notified of all the deals that come across our desk daily.
Get an investor-friendly agent: We can help with that—we would love to help you buy your next rental property investment.
