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Memphis real estate market overview
- Average Monthly Rent: $1,069
- Home Price/Value Percentage Change: 6.80%
- Median Home Value: $147,503
- Best Time To Sell a Home: June
- Affordability Index: High
- Days To Sell a House: 49
- Job Market: Fair
- Public School Ranking: 28
Location and weather
Memphis is a beautiful southern city in southwestern Tennessee lying on the Chickasaw bluffs above the Mississippi River. It's where the boarders of Arkansas, Mississippi and Tennessee meet. Memphis' historical contributions to the South's cotton market continue today on a global scale.
Its international airport is the world's second busiest cargo airport after Hong Kong. As one of the birthplaces of Blues with the famous Beal Street, and also Rock and Roll with Elvis Presley's Graceland, Memphis has a rich music and cultural history that continues to this day.
Because of its proximity to the rivers, the Memphis summers are very warm and humid. The highs in the summer months are in the high 90's. The summer low temperatures are in the mid 70's. The winters are short, cold and wet with high temperatures in the mid 50's with lows in the mid 30's.
Population, job market and cost of living
Memphis' population is 650,618. It grew 0.6% last year.
The job growth is at 2.1%. The 10-year predicted future job growth is 36.6%. The Distribution industry with its global cargo airport is a major employer. Another major employer is agriculture. Memphis is where some of the top research in agricultural technology and crop development is done. Fortune 500 companies headquartered in Memphis include FedEx, International Paper and Auto Zone.
The cost of living is low due to the Memphis real estate market and low cost of housing. With a rich music culture, low cost of living, growing job market and base of major employers, Memphis will continue to attract newcomers.
Memphis real estate market details
- Canova Beach
- Eagle Lake
- Bove Gardens
- June Park
The average monthly rent in Memphis is $1,069 for an average apartment size of 910 sq. feet.
There has been a 6.8% increase in median home value over the last year. As of 2023, the median home value is $147,503.
On average, homes in Los Angeles sell after 49 days on the market.
The best time to sell a home for the highest valued sale is during June. For the quickest sale, homeowners should sell in August.
The affordability index in Memphis is 78. This number indicates high affordability in this city.
The top ranked public schools are Campus Elementary School, Richland Elementary School, Bon Lin Elementary School, Maxine Smith Steam Academy and Bartlett Elementary School. This information is based on data measuring academic performance and equity.