Memphis continues to be a popular place for many people to live. It’s the second-largest city in Tennessee and a great place for single people, families, and retirees to call home. With the low cost of living and endless entertainment options, you can’t go wrong with living in Bluff City.
Knowing the ins and outs of Memphis real estate is crucial whether you’re looking to buy or sell in the city. This information is key, whether you’re a real estate investor, first-time homebuyer, or looking for your next dream home.
This guide will discuss what you need to know about the Memphis real estate market. Make educated decisions when selling or buying Memphis homes.
Low Cost of Living
Affordability is key to many potential homeowners. The cost of living in big cities like Atlanta, San Francisco, and New York continues to climb. Memphis’ cost of living is on average 15% lower than the rest of the country.
For example, Nashville is around 33% more expensive to live in than Memphis. The cost of living in Atlanta is around 41% higher as well. You can make the most out of your money when you live in Memphis.
There Are a Lot of Available Renters
If you’re an investment property owner, higher rent prices are great for your bottom line. The average rental cost has increased by around 73% in recent years in Memphis.
Property owners can also make their units available for those who are visiting the Memphis area. Take advantage of rental platforms like Airbnb and VRBO. Local tourist attractions, like Elvis Presley’s home and Graceland, make Memphis a great central location for people to stay.
Countless Neighborhoods for Every Lifestyle
There are plenty of neighborhoods to explore if you want to buy a house in Memphis. Picking the right neighborhood to purchase a property ensures that you’ll attract the right renters or find a place that matches your lifestyle.
Midtown is the central hub of Memphis. It’s an artsy, hip area that’s incredibly diverse. Choose from apartments to historic homes.
Midtown also boasts Overton Square. This is a quirky collection of restaurants and bars that have a wide range of food and drinks.
Overton Park also calls Midtown home. It’s a 342-acre park that has:
- A golf course
- A dog park
- Running trails
- Forest area
- Green space
Crosstown is a thriving arts district. It’s located next to the Sears Crosstown headquarters.
The 1.4 million square foot old building has sat vacant in the middle of the neighborhood for years. It’s currently getting rebranded and renovated into the Crosstown Concourse. The new building will be an education, medical, and arts center.
An arts community has sprung up around the former Sears headquarters. You’ll find modest homes in this area that have been untouched for many years.
Cooper-Young is an iconic, historic district. There are mostly residential homes in this neighborhood. The 100-year-old bungalows are surrounded by trendy restaurants, coffee shops, and local pubs.
Cooper-You is home to young families, artists, and a welcoming LGBTQ community. It’s a walkable neighborhood where you can spend countless afternoons exploring.
Thriving Real Estate Market
The real estate market across the country has been volatile in recent years, mostly being a seller’s market. Memphis’ real estate market is starting to level out and become a more natural market.
The average home price in Memphis is around $376,021. That number is still creeping up slightly from last year, which is great news if you want to sell a house in Memphis.
There are a lot of available properties for sale in Memphis, ranging from duplexes to condos to single-family homes. There are around 3,000 available properties in the city.
Lots of Employment Opportunities
There are numerous employment opportunities in Memphis. Employers around the country have lowered their education qualifications for job seekers, making jobs more accessible. Memphis has started cultural enrichment and job creation programs in multiple neighborhoods throughout the city.
There are also major employers located in the city. These companies include:
- Gibson Guitars
- First Horizon National Corporation
- Mid-America Apartments
Memphis is also a great city to start a business. The local government has programs in place to help give small businesses a boost.
The city boasts many high-demand jobs in competitive industries. Some of these industries include:
Explore Countless Entertainment, Outdoors, and Culinary Experiences
Memphis is known for being the home of blues, rock ‘n roll, and soul music. No matter what type of activities you like to partake in, you’ll always find something to keep your days busy while living in the city.
There are over 60 different attractions scattered across Memphis. Some of the most popular ones are:
- Stax Museum of American Soul Music
- National Civil Rights Museum
- Elvis Presley’s Graceland
- Beale Street
- Memphis Zoo
- Blues Hall of Fame
Memphis provides entertainment options for the whole family. Explore the Children’s Museum or Fire Museum and make memories that’ll last a lifetime. You can also stroll down Beale Street or head out on a riverboat ride on the Mississippi River.
Memphis has an extensive history that dates back hundreds of years. The story of the city began with the indigenous people who lived on the banks of the big river. The city’s history stretches to famous musicians who started a movement that’s still heard today.
Learn about civil rights icons in the city, such as Dr. Martin Luther King Jr. Some places you can check out include the Cotton Museum at the Memphis Cotton Exchange and Lichterman Nature Center.
Learn More About Memphis Real Estate With Our Help
Memphis provides homebuyers and sellers alike with numerous opportunities. The high home values ensure you get a more than fair price when selling your home. The numerous employment, housing, and entertainment opportunities guarantee you’re never bored when living in the city.
We Buy Houses Memphis prides itself on being an expert in Memphis real estate. Whether you want to move to another area in the city or relocate to a different part of the country, we’ve got you covered. Contact us today to learn why we’re the leading cash buyer in the city.