Memphis TN Market Report: Property Values Grow 10% from March 2023 to February 2024

Overview of the Memphis Real Estate Market Trends

The real estate market in Memphis has been experiencing a noteworthy uptrend, with property values and sale prices displaying a steady climb. This positive trajectory has defined the real estate landscape from March 2023 to February 2024, reflecting a robust and growing demand for properties in Memphis, Tennessee.

Over the year, Memphis has seen its average property value increase from approximately $171,600 in March 2023 to an encouraging $189,500 by February 2024. This rise of about 10% indicates the city’s real estate market has been gaining momentum, with properties appreciating at a healthy rate. This upward trend represents a significant opportunity for both buyers looking for long-term investments and sellers aiming to capitalize on the increased equity of their properties.

Value Per Square Foot Trends

Even though the general trend for property values is upward, the value per square foot has shown slight fluctuations. The lowest average per square foot value recorded was around $122 in May 2023, rising to the highest at approximately $129 in September 2023. Despite these changes, these numbers have remained relatively stable, suggesting that Memphis offers consistent value across its real estate market, and such minor fluctuations are common without alarming volatility.

Similarly, the average sale price for properties in Memphis demonstrates a growing market, with figures peaking at around $151,185 in September 2023. Corresponding to this peak, the average sale price per square foot reached nearly $108 in the same month. Although these numbers decreased slightly in the following months, they have begun to rise anew, hinting at a resilient and recovering market dynamic.

Property Availability and Sales

The quantity of properties available in Memphis and the number sold over the months have varied, indicating the ebb and flow typical of real estate markets. The peak in sales was in October 2023, with approximately 6,024 properties changing hands, while the quietest month was April 2023, with nearly 4,998 sales. These figures suggest that while there might not be a clear, year-long trend in sales volume, certain months are more favorable for transactions than others.

In conclusion, the Memphis real estate market exhibits clear signs of growth, with overall property values and sale prices increasing over the past year. Although there are monthly variations in square foot values and property sales, these fluctuations are part of the market’s natural cycle rather than indicators of instability. Without data on median values for specific market activities, broader market predictions are challenging, but the available evidence points towards sustained interest in Memphis properties. This vibrant market scenario suggests Memphis is an appealing destination for real estate investment and underscores the potential for continued growth in the future.