Memphis, TN Real Estate & Homes for Sale | RE/MAX (2024)

FAQs

Is there a housing shortage in Memphis? ›

- Whether you rent or pay a mortgage, housing is likely the greatest expense for your family. However, quality and affordable housing is hard to come by. As FOX13 has reported, the Memphis metro area has a deficit of about 35,000 affordable housing units, according to the National Low Income Housing Coalition.

High demand and low supply are to blame for skyrocketing prices in Tennessee, Greater Nashville Realtors board member Collyn Wainwright said. Population growth in the state, especially since the COVID-19 pandemic, has created a surge in the demand for housing.

The Memphis area's median home price saw a small decrease in the first quarter of 2024, according to data released by the Memphis Area Association of Realtors. The median sales price decreased from $196,000 in the first quarter of 2023 to $189,000 in the same period this year, a 3.6% change.

In 2021, Memphis was ranked fifth in the U.S. in “overall poverty” among large cities, according to the University of Memphis School of Social Work. As the city tries to grow its population, crime and poverty remain a major deterrent.

California is home to some of the most overpriced housing markets in the nation, a new housing study reveals. A total of 11 California cities landed on a list of the top 100 housing markets in the United States created by Florida Atlantic University.

Unsurprisingly, the nation's two largest cities — New York and Los Angeles — have the largest estimated overall housing shortages at roughly 390,000 and 337,000, respectively. Between 2021 and 2022, New York City's housing shortage increased by more than 3.5%, according to Zillow.

Nashville housing crisis pushes residents to leave as prices surge, shortage worsens. NASHVILLE, Tenn. (WZTV) — High home prices are pushing some Nashville residents out of state, and new numbers show a housing shortage is fueling the move. Reports show Nashville needs to create 5,000 new units each year to keep up.

Vacancy - 9.2%

The Memphis, TN-AR-MS Market ranks 104th in Vacancy across STI Markets with a Vacancy rate of 9.2%. That is 63,262 Vacant Housing units compared to 625,737 Occupied units.

Not only is it the largest decrease in population in Tennessee, it is the only major Tennessee city with a significant population decrease over the past five years. Memphis ranked at No. 27 with a 4.78% population decrease. According to SmartAsset, Memphis had a population of 621,050 in 2022, down from 652,231 in 2017.