Memphis, TN has one of the most popular housing markets over the years. Aside from being one of the most famous cities in the country thanks to music legends like Elvis Presley and Johnny Cash (and many more), the housing market is seeing an interesting twist – everything is being purchased for lower prices right now, but it is moving up thanks to the pandemic.
In this guide, we’re going to give you some amazing housing market tips and help you in your endeavors – plus tell you why you should invest in Memphis, TN properties as soon as possible!
An Ever-Growing Market
COVID-19 has caused the entire real estate market to crash. What does this mean for you and the housing market in Memphis? This means that even the homes that were worth almost 15% more last year can actually be purchased for far less than they were. With the numerous issues that people have had due to the pandemic, more homes in the Memphis area have popped up for sale – including foreclosures, tax depreciated homes, and bank-owned homes. It may sound mean to take advantage of the fact that a home became available due to an economic shortage, but now’s the time to buy – and real estate is a dog eat dog world.
Increasing Population
With all of the natural disasters going on in the country (including hurricanes, flooding, and more), as well as the increase of more diverse populations, Memphis is growing more and more. According to numerous statistics, more than 30,000 people are expected to move to the city by 2023, which provides over a 2% population growth. With the amount of diversity that’s in the area, this means that literally everyone can benefit from moving into a home there – and many people are relocating.
Another thing to consider is that they’re in the top 50 in the list of U.S. Metro Area Populations, and they have a great market growth on a regular basis. Of course, almost half of the population of Memphis is between 25-54 years old, which means that the area caters to the younger group of millennials and Gen-Xers. This is a great thing to take advantage of too.
The Improving Job Market Helps Too
Anywhere that has a steadily increasing job market and economy is a great place to invest. This is especially true when the homes themselves are lower than normal. Not only that, but according to market trends, Memphis actually shows a relatively high increase of value in properties over the next year or two (rather than all of the homes depreciating in value). Of course, knowing which type of property to invest in is also important.
Conclusion
Memphis, TN is one of the most popular areas to live in these days, and they keep getting more and more people in. At the same time, they offer all different types of amenities for residents to take advantage of, so if you buy a property to sell or rent there (or even just live there yourself), you can make an honest living and be close to the American Dream than ever before!