Memphis, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Memphis Neighborhoods Since 2000




Memphis, MI Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Memphis Housing Market Information

With 1,182 people, 489 houses or apartments, and a median cost of homes of $223,352, Memphis real estate is some of the most expensive in Michigan, although Memphis home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Memphis, accounting for 77.09% of the city's housing units. Other types of housing that are prevalent in Memphis include large apartment complexes or high rise apartments ( 19.12%), duplexes, homes converted to apartments or other small apartment buildings ( 3.78%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Memphis. Owner-occupied housing accounts for 66.26% of Memphis's homes, and 58.37% have either three or four bedrooms, which is average sized relative to America.

The housing in Memphis was primarily built before 1939 ( 41.83%), making the housing stock in Memphis some of the oldest overall in America, although there is a range of ages of homes in Memphis. The next most important housing age is between 1970-1999 ( 29.08%), followed by between 1940-1969 ( 25.70%). There's also some housing in Memphis built between 2000 and later ( 3.39%).

Memphis Home Appreciation Rates

Real estate appreciation rates in Memphis's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.45% during the period.

Appreciation rates are so strong in Memphis that despite a nationwide downturn in the housing market, Memphis real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Memphis appreciation rates continue to be some of the highest in America, at 7.11%, which is higher than appreciation rates in 81.92% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Memphis. Memphis appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.

Importantly, this makes Memphis one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that Memphis's latest annual appreciation rate is higher than 60% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$223,352

Memphis, MI HOME PRICES

Value Range
> $1,265,000 0.5
$949,001 - $1,265,000 0.1
$633,001 - $949,000 2.0
$506,001 - $633,000 1.4
$379,001 - $506,000 5.7
$253,001 - $379,000 24.2
$126,001 - $253,000 47.0
$63,001 - $126,000 13.9
$0 - $63,000 5.2

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
27.0772295792804 11.0576923076923

Number Of Homes And Apartments:
489

Memphis Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
4.63% 0.26% 5 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,178 / per month

Homeownership Rate

Homeownership
Owners 66.26
Renters 33.74
Vacant 2.59

Housing Market Details

 

Age of Homes

AGE OF Memphis HOMES
2000 or Newer 3.4
1970 - 1999 29.1
1940 - 1969 25.7
1939 or Older 41.8

Types of Homes

TYPE OF Memphis HOMES
Single-Family 77.1
Townhomes 0.0
Small Apt. Buildings 3.8
Apt. Complexes 19.1
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Memphis HOMES
No Bedroom 0.80
1 Bedroom 16.73
2 Bedrooms 18.13
3 Bedrooms 48.01
4 Bedrooms 10.36
5 or more bedrooms 5.98

Popular Neighborhoods in Memphis

Zip Codes in Memphis, MI