July 2024 Market Update: Trends and Predictions for Memphis Real Estate

[Rhealaine Sayson]

Hey BiggerPockets Community!

I wanted to share some insights on the Memphis real estate market for July 2024. Home prices are rising steadily, with a 7% increase from last year. The rental market is strong too, especially in Midtown and East Memphis, with low vacancy rates and a 5% rise in rental prices. New developments in downtown Memphis are set to boost property values. With the city’s growing job market and affordable living, demand for housing should stay high. Interest rates might stay stable but keep an eye on them. Emerging neighborhoods like Binghampton and Cooper-Young are getting popular. For investors, multi-family properties are great for cash flow, and local networking is key. Let’s connect and discuss how you can make the most of your investments in Memphis. Feel free to reach out!