Memphis Real Estate Market: July 2024 Stats and Trends

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.

Located in southwestern Tennessee and bordering the Mississippi river, the city of Memphis is more than just home to the infamous Graceland estate. While the city's historic roots with Blues and Rock N’ Roll can certainly be felt in the vibrant nightlife and live music scene, the city is also renowned for its history museums, food culture, and industry. 

Affectionately known as the “Barbecue Capital”, Memphis is known nationwide for its established barbecue cuisine and the community it creates. Food and music may be the backbone of this Tennessee city, but residents also have access to a plethora of entertainment options, a booming job industry, and plenty of access to outdoor parks and recreation options. 

So what about the Memphis real estate market in July 2024? What do stats and trends look like contemporarily? 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 the Memphis real estate market (July 2024):

Memphis General Statistics

• Population (city proper): 613,110 

• Population (metro area): 1,330,954 

• Area (city proper): 249.9 sq. mi. 

• Area (metro area): 4,575.2

• Median Age: 34.7 

• GDP (metro area): $96.1 Billion

• Unemployment rate (metro area): 3.5% (down .8%% since January 2024)

• Top employers: FedEx, AutoZone, Sedgwick James Inc., International Paper, Baptist Memorial Health Care, Perkins Restaurant & Bakery, Sedgwick CMS Holdings Inc., Temp1, Perkins & Marie Callender’s Holding LLC, ServiceMaster. 

• Highest paying jobs: Anesthesiologist, Thoracic Surgeon, Physician, Cardiologist, Oncologist, Hematologist, Rheumatologist, Vascular Surgeon, Hospitalist Physician, Pulmonary Physician. 

• Median income (per capita): $31,620

• Median income (household): $50,622

Memphis Real Estate Market (July 2024) Statistics

• Neighborhoods: 202

• Homes for sale as of July 2024: 2,856 

• Median list price: $225.7K (up 3.3% since January 2024)

• Median sold price: $169K (up .9% Since January 2024)

• Sale-to-list price ratio: 95.89%

• Median price per square foot: $107 

• Median days on market: 45 (down 26% since January 2024)

• Rental vacancy rate: 10.5%

• Homeowner vacancy rate: 1.9%

• One-year appreciation rate: -1.6%

• Average rent: $1,073 

• Price-to-rent ratio: 10.46

• Most expensive neighborhoods:  

• Least expensive neighborhoods:
  
  

Final Thoughts: Memphis Real Estate Market (July 2024) Trends

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.