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Could Memphis be the Next “It City?”

Posted by Meghan Caldwell on December 23, 2019
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Could Memphis become one of the next “It Cities” similar to what we saw happen to Nashville a few years ago? A recent report from Realtor.com makes us think it is a definite possibility. 

Memphis landed at #10 on the list of Top Markets to Watch for 2020. According to their research, people are fleeing expensive cities for those higher in value and a slower pace of living. In Memphis, we’ve seen explosive development Downtown, Midtown, and even Germantown and Collierville. Memphis, listed alongside cities like Tuscon and Boise, experienced growth in home sales while most markets were beginning to slow. Additionally, the city enjoyed an increase in average home prices, more so than the majority of metro areas in the country, and is projected to do so again next year. 

Despite all these facts, average prices remain lower than the national average, making it attractive to buyers and sellers alike.  

Top 10 2020 Markets to Watch

Ranking

City & State

Combined Projected Growth 

1

Boise City, ID

8.4%

2

McAllen, TX

8.4%

3

Tucson, AZ 

6.6%

4

Chattanooga, TN

5.6%

5

Columbia, SC

5.3%

6

Rochester, NY

5.1%

7

Colorado Springs, CO

4.9%

8

Winston-Salem, NC

4.1%

9

Charleston, SC

3.1%

10

Memphis, TN

3.0%

 

What the Report Means

Realtor.com compared the 100 largest markets in the country to produce their list. Rankings were determined by combining the yearly percentage growth in both home sales and prices expected in 2020. For Memphis, this was an increase in sales by 0.1% with a 3% price growth. While the increase in home sales might seem modest, the majority of the 100 largest markets experienced no increase or even a decrease.

Why Memphis?

In addition to job growth, the affordability and availability of homes in Memphis, like its other top 10 counterparts, are drawing people to the city. As with most of the cities on the list, the median asking price in Memphis sits below the national median. Furthermore, Memphis provides affordable, entry-level prices that are not characteristic of most of the nation’s markets. Accessibility for first-time homebuyers is a major pull to Memphis, as it is for other cities in the top 10. 

 

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