According to the Memphis Area Association of Realtors, now would be a great time to sell Memphis real estate. The average home sale price is right around $286,000 as of June 2022, which is over 13% higher than the average home sale price one year ago.
Before you decide to buy or sell Memphis property, though, make sure you’re familiar with the Memphis real estate market. It’ll help you make the smartest decision possible in the end.
Check out the three things you need to know about the Memphis real estate market below.
1. The Memphis Real Estate Market Remains Strong
The Memphis real estate market has been strong throughout the COVID-19 pandemic. And it doesn’t appear as though that’s going to change anytime soon.
Through the first half of 2022, home sales are down about 1% compared to 2021. But home sales were actually up about 7% in June, which suggests that the Memphis real estate market might be much stronger in the second half of 2022 than it was in the second half of 2021.
Because of all this, it’s still a good time to buy or sell a home in Memphis. The Memphis real estate market is strong enough to keep both buyers and sellers happy.
2. There Aren’t Many New Homes Popping Up in Memphis
One reason why the Memphis real estate market is so strong is that there aren’t many new houses popping up in the city. Fewer than 100 new homes were sold in the city in June.
The lack of new homes in Memphis has kept the housing inventory in the city on the lower side. This has helped to strengthen the local real estate market and kept the prices of houses on the higher side.
3. Rental Units Remain Hard to Come By in Memphis
Renting an apartment or a home in Memphis can be difficult to do right now. There aren’t very many rental units available throughout the city.
This is bad for people who rent. But it might be good for you if you’re looking to invest in Memphis real estate and rent it out.
Visit memphisinvestmentproperties.net to learn more about investing in rental properties in Memphis. Some of them even come with property managers in Memphis that you can use to look after your investments when you’re not around.
Look Into Buying or Selling Memphis Real Estate Today
The Memphis real estate market isn’t going to stay as hot as it is right now forever. So if you’ve been thinking about buying or selling Memphis property, 2022 would be the time to do it.
Keep everything that you’ve learned here in mind when you’re considering buying or selling a home in Memphis. It’ll enable you to make the right decision when it comes to entering into a real estate transaction.
Want to get more real estate-related advice? Find it by skimming through some of the other informative articles found on our blog.