RealtyBizNews - Real Estate Marketing and Beyond
Real Estate Marketing & Beyond
Home » Housing » Residential » Memphis Residential Real Estate Today

Memphis Residential Real Estate Today

By Guest Author | June 14, 2013

Year on year, Memphis has experienced a 14.5% decline in total residential listings. However, May 2013 saw a shift in the market as listings increased 1.3% from the previous month. An indication that sellers are coming into the market. What is significant is the average listing time is down to 58 days. That is 28% less than the national average.

medium_7166046016

photo credit: Photo Dean via photopin cc

Why Investors Love Memphis

Among the reasons that Memphis is considered the number one location in the U.S. to buy real estate is the fact that although a metropolitan area, the cost of living is a full 10% below the national average. Other advantages the people of Memphis enjoy are low property taxes and no state income tax. The result is more cash in the pockets of Memphis residences.

Memphis didn't get caught up in the escalated run up in real estate prices leading to the equally rapid decline in prices that almost everywhere else experienced beginning in 2008. While Memphis did experience a slight decline in house values, it was nothing compared to the 30%+ average that happened nationally. Instead, Memphis has enjoyed a steady appreciation in residential real estate prices. The average three-bedroom house has increased in value 24.6% over the past five years.

Investors typically look for real estate markets that have either high appreciation in house values for resale or high cash flow from rentals. What's amazing is Memphis offers both with steady appreciation and $50,000 to $60,000 houses renting for more than $1,000 a month.

Steady Market Although Inventory Declines

Normally, when the number of listings decline, property values increase. This is another abnormality in the Memphis market. Over the past year, there has been a 14.5% decline in the number of houses for sale in Memphis as investors snatch up the best bargains. Today, Memphis prices are beginning a strong upward trend but not as fast as you would expect in this exceptional market. Overall, the Memphis market is among the steadiest in the nation.

What is occurring in the Memphis market is the days from initial listing to completed sale are declining. Days on market has dropped 4% in the past month and 14% over the past year. Across the country, now is a once in a life chance to invest in real estate at the ultimate low in the market. And the best place to invest is Memphis.

If you're looking for great deals, you'll find great deals. If you're willing to settle for mediocre deals, you'll find mediocre deals. If you're looking for excuses not to invest, there are plenty of those. If you're serious about investing, you need to look seriously at what Memphis is offering.

 

About the author: Brian Kline has been investing in real estate for more than 30 years and writing about real estate investing for seven years.

  • Sign up to Realty Biz Buzz
    Get Digital Marketing Training
    right to your inbox
    All Contents © Copyright RealtyBizNews · All Rights Reserved. 2016-2024
    Website Designed by Swaydesign.
    linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram