Memphis, Tennessee Real Estate Market Trends and Statistics
The Surging Real Estate Market in Memphis
The real estate market is showing mass improvements since the recession. With the occupancy rate growing by 3.1%, the average sales price year over year rose to 14.7%. As of February 2013, the market report shows sales volume year to date at 37% with total sales at 22%. The total unites listed for sale in the inventory is 6,147.
Current Market Mindset
Nationwide, homeownership mentalities are improving with Americans showing more of a willingness to embrace renting as an alternative to purchasing property. 57% feel that buying a home is less appealing with 61% of renters saying they can be just as successful as owners at achieving the American Dream.
The current optimism in the market shows a positive trend with growth potential. Almost half of current homeowners say they can see themselves renting at some point in time. Two out of three people believe the country is still in the middle of a crisis following the recession, believing housing should be split between rental and ownership.
Real Estate Statistics
Home values overall have increased by 6% but are not likely to continue. 3.3% is forecasted to increase in line with the typical housing market appreciation. 12% of sales occurred with foreclosed properties from the end of 2011.
Memphis is considered the first among ten cities for real estate steals as their market indexes show improvements with housing permit filings, employment, and home prices. This is a far cry from Cincinnati and Chicago that have showed slight declines and the 22% year over year increase in Phoenix seen. Rising home prices are based on the decline in foreclosures, a stronger demand, and tighter inventory.
Why Investors Like Memphis
With a 1.2 million population throughout the metro area, Memphis ranks as the 18th largest city in the US. They house companies like FedEx World Hub and serve as a home to Fortune 500 Companies. Memphis also has the busiest cargo airport in the world with a growing biomedical and medical presence.
Almost half of the current population rents and is considered number one on affordable housing for retirees. Considered the number one place to buy real estate property in the US, the cost of living is just 10% below the national average. Additionally, Memphis has low property taxes, no state income tax, and a high cash flow.
The New Popularity with Renting It seems as if the mortgage crisis not only saw a drop in home value, but resulted in individual preferences leaning towards the desire to rent versus own a home. What... More
The Rental Market Around the U.S. As people relocated from coast to coast, or any state in between, the rental market is priced at various cost levels. Here is a look at some of the most expensive and... More
Healthiest Real Estate Markets for 2013 The housing market this year is showing a lot of promise as home prices rise 4.9% nationwide. Based on the median rent and sale prices nationwide, here is a... More
Leasing to Millennials With an estimated 8 million Gen Y renters hitting the marketplace in the near future, prepare yourself to accommodate these informed and technologically advanced prospects.... More
Renting in the UK Renting offers its own list of benefits and down slides. Here is a look at unspoken rules to follow when renting in the UK. Location Don’t put all your faith in a single location.... More
Apartment Renting Trends As renting grows in popularity, trends are bound to change. The Renting Demographic Over 75 million baby boomers are looking to downsize into urban apartments to live a... More
The 10 Most Romantic Cities in the U.S. A listing of the ten most romantic cities in the United States. These cities not only show strong housing markets, but are increasingly considered highly... More
Rent or Own? In today’s economy, the housing market can seem like a scary place. Before making your decision to either rent or own, here is a listing of the pros and cons of either option. Pros of... More
Commercial Leasing vs. Purchasing If you are looking at developing equity for your business, first consider your options of leasing versus purchasing commercial property. Performing market research in... More