Memphis Real Estate Market: May 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.

Home to Graceland and famous for their barbecue, the city of Memphis is located in the far southwestern corner of the state. This metro borders the Mississippi river and is home to a variety of universities, making it a particularly popular location for young professionals.

Affectionately known as The Home of the Blues, Tennessee’s second-most populous city is so much more than just its vibrant music scene. 

So what about the Memphis real estate market in May 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 (May 2024):

Memphis General Statistics

• Population (city proper): 610,944 

• 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): 3.9% (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 (April 2024) Statistics

• Neighborhoods: 202

• Homes for sale as of April 2024: 2,508 

• Median list price: $205K (down .01% % since December 2023)

• Median sold price: $185K (up 1.2% Since December 2023)

• Sale-to-list price ratio: 99.19%

• Median price per square foot: $127 

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

• Rental vacancy rate: 10.5%

• Homeowner vacancy rate: 1.9%

• One-year appreciation rate: -3.6%

• Average rent: $1,082 (up .01% since December 2023)

• Price-to-rent ratio: 10.46

• Most expensive neighborhoods:  

• Least expensive neighborhoods:
  
  

Final Thoughts: Memphis Real Estate Market (May 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.