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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 652,236, 250,259 total housing units (homes and apartments), and a median house value of $107,902, 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 60.63% of the city's housing units. Other types of housing that are prevalent in Memphis include large apartment complexes or high rise apartments ( 24.30%), duplexes, homes converted to apartments or other small apartment buildings ( 9.80%), and a few row houses and other attached homes ( 4.29%).
The most prevalent building size and type in Memphis are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 46.33% owning and 53.67% renting.
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 43.80% of the city's housing hails from this era. Other housing ages represented in Memphis include homes built between 1970-1999 ( 39.53%) and housing constructed between 2000 and later ( 8.61%). There's also some housing in Memphis built before 1939 ( 8.06%).
Vacant housing appears to be an issue in Memphis. Fully 16.11% of the housing stock is classified as vacant. Left unchecked, vacant Memphis homes and apartments can be a drag on the real estate market, holding Memphis real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
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 1.24% during the period.
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 2.55%, 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 1.80%, which equates to an annual appreciation rate of 7.40%.
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 Tennessee, our data show that Memphis's latest annual appreciation rate is lower than 90% 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 2000, to assist you in making the best Memphis real estate investment or home purchase decisions.
|$902,001 - $1,202,000||0.6|
|$601,001 - $902,000||1.6|
|$481,001 - $601,000||1.4|
|$361,001 - $481,000||2.9|
|$240,001 - $361,000||6.9|
|$120,001 - $240,000||26.0|
|$60,001 - $120,000||40.9|
|$0 - $60,000||19.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
2000 Q1 - 2019 Q2
|* 10 is highest|
|AGE OF Memphis HOMES|
|2000 or Newer||8.6|
|1970 - 1999||39.5|
|1940 - 1969||43.8|
|1939 or Older||8.1|
|TYPE OF Memphis HOMES|
|Small Apt. Buildings||9.8|
|SIZE OF Memphis HOMES|
|5 or more bedrooms||2.57|