Property sales and commercial development in Memphis, TN have been on the upswing in recent years and the market is still going strong, making for great buying and selling opportunities.

Local real estate agents are routinely dealing with an inventory shortage in the Memphis area. It’s a simple equation of supply and demand, and around here, demand is certainly outweighing the supply. As any new homebuyer would tell you, when you see a house in Memphis, you have to act fast if you want to call it your own.

In Memphis, a large majority of the houses go into pending status within just 15 days of hitting the market. This is a record-setting average, which is one reason why Forbes named Memphis one of the hottest markets of 2019. And, it shows no signs of slowing down as Memphis continues to see unprecedented growth across industries.

In fact, Memphis has recently seen 2.1% job growth compared to the current national average of 1.6%. Future job growth in Memphis is also set to outpace the national average.

What’s more, buyers can expect to pay right at the listing price for most properties in the area. The average home sells for just 3% less than the listing price and the average selling price overall is increasing. In 2017, the average home sold for about $117,000. Last year, the average home selling price bumped up to $131,000.

All of these numbers paint an interesting picture, especially when you considered that about 43% of Memphis residents aren’t homeowners at all. Rather, they rent their property and they pay $1,019.00 a month for it, on average. That makes Memphis a fantastic place to invest.

Not only is your property value bound to go up as Memphis becomes more and more desirable, but you’re sure to make a profit renting to people who aren’t yet able to buy a home of their own. The current conditions in Memphis make for moderate rental rates while investors and buyers enjoy both low-entry price points. That makes for high rent-to-value ratios overall.

The trickiest part about investing in Memphis will be finding properties to purchase, but if you’re looking to snatch up foreclosures or fixer-uppers, you’ll be met with much less competition since, as with any market, that cuts out the average home buyer looking for a turn-key property. With that said, if you act fact and you have your affairs in order, you could definitely snag some fantastic move-in ready properties as well.

Memphis is a fantastic real estate market to invest in thanks to its geographical location, rich history, continued tourism, and numerous industry investments that put its economy in a fantastic position to keep growing year-over-year.