There are currently 202,448 real estate properties in Memphis, TN, with a median automated valuation model (AVM) price of $120,400.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Memphis, TN, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Memphis, TN, is $166,875.00, with the most expensive house in Memphis, TN, topping out at $49,056,400.00 and the cheapest home in Memphis, TN, clocking in at $10,900.00. In other words, there’s something for every potential homebuyer or savvy investor in Memphis, TN!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Memphis, TN, is on a rollercoaster ride. The average rent price in Memphis, TN, is $1,180.00. Indeed, when looking to rent in Memphis, TN, you can expect to pay as little as $480.00 or as much as $3,810.00, with the average rent median estimated to be $1,100.00. The good news is that finding an affordable and desirable property to rent in Memphis, TN -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
Find the best foreclosure homes listings for sale — bank-owned, government (Fannie Mae, Freddie Mac, HUD, etc.) and others — in and near the Memphis, TN area at Foreclosure.com. Get information on foreclosure homes for rent, how to buy foreclosures in Memphis, TN and much more. Save thousands at closing with home foreclosure listings in Memphis, TN — up to 75% off market value!
Memphis is located in Shelby, Tennessee, with an estimated municipal population of 651,073 residents. All of the best foreclosed homes for sale in Memphis are located in the following zip code areas on Foreclosure.com: 38120 38127 38107 38106 38105 38104 38103 38109 38108 38152 38132 38133 38131 38134 38141 38112 38111 38114 38115 38116 38117 38118 38119 38018 38016 38128 38122 38125 38126 37501 37544 38088 38101 38113 38124 38130 38136 38137 38145 38148 38150 38151 38157 38159 38161 38163 38166 38168 38173 38174 38175 38177 38181 38182 38184 38186 38187 38188 38190 38193 38194 38197. The estimated population per square kilometer (.62 miles) in Memphis is 792.
So, about how much do homes cost in Memphis? The most recent median value of resident-owned homes in Memphis is 102,333. An estimated 46.6 percent of households in Memphis own their homes, with an average family size of 3.43. The median household income in Memphis is 41,228, with15.9 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Memphis, the median commute time of resident workers (in minutes) is 21.7. And last, but certainly not least, are you looking for homes to rent in Memphis? If so, the average rent price paid by renters in Memphis is 901, according to recent statistics.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Memphis, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in Memphis is 34, split between 47.3 percent male versus 52.7 female. The percentage of residents who report being married in Memphis is 31.3, with an average family size of 3.43.
The percentage of residents who report their race in Memphis is as follows:
|Black / African American||64.1%|
|American Indian / Alaskan Native||0.2%|
|Native Hawaiian / Other Pacifc Islander||0%|
Looking for family-friendly neighborhoods in and/or near Memphis? Or maybe you are searching for 55+ active adult communities in and/or near Memphis?
The percentage of residents who report their age in Memphis is as follows:
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Memphis with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Memphis.
How do you know that living in -- or moving to -- Memphis is right where you need to be? Perhaps you grew up in Memphis or already live nearby; therefore, the decision to buy a home in Memphis is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Memphis for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in Memphis:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Memphis.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Memphis can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Memphis, meanwhile, can field multiple offers from more qualified buyers.