Memphis appreciation rates and housing market information

Memphis housing market information

With 649,845 people, 271,723 houses or apartments, and a median cost of homes of $106,637, house prices in Memphis are solidly below the national average.

single-family detached homes are the single most common housing type in Memphis, accounting for 60.01% of the city's housing units. Other types of housing that are prevalent in Memphis include large apartment complexes or high rise apartments (24.17%), duplexes, homes converted to apartments, or other small apartment buildings (10.08%), row houses and other attached homes (4.85%), and a few mobile homes or trailers (0.84%).

People in Memphis primarily live in small (one, two, or no bedroom) single-family detached homes. Memphis has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Memphis's housing was primarily built during this period, from the '40s through the '60s. A full 50.04% of the city's housing hails from this era. Other housing ages represented in Memphis include homes built between 1970-1994 (37.30%), and housing constructed from 1939 and earlier (9.04%). There's also some housing in Memphis built between 1995 and later (3.62%).

Memphis home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Memphis, where house values have increased just 23.78%, which is an average annual increase of 2.37%. NeighborhoodScout's data show that in the latest quarter, Memphis house values appreciated 1.28%, which is an annualized rate of 5.12%. This rate is lower than the appreciation rate found in 30% of the cities and towns in America.

Over the last year, Memphis appreciation rates have trailed the rest of the nation. In the last twelve months, Memphis's appreciation rate has been -1.49%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Memphis were at 1.28%, which equates to an annual appreciation rate of 5.12%.

Relative to Tennessee, our data show that Memphis's latest annual appreciation rate is higher than 1% of the other cities and towns in Tennessee.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Memphis differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Memphis - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Memphis real estate investment or home purchase decisions.