Memphis Heats Up: Why the Bluff City Could Be Tennessee's Hottest Housing Market in 2024
Hold onto your cowboy hats, Memphis – a new prediction has us saddlin' up for a wild ride in the housing market! While 2023 brought its ups and downs, Zillow's latest forecast just dropped some exciting news: Memphis is projected to be Tennessee's hottest housing market in 2024, landing a coveted spot at #14 on their national list. That's right, we're leaving Nashville in the dust at #33.
1/18/20241 min read
So, what's fueling this Memphis mojo? Zillow analyzed a mix of factors like home value growth, market speed, job market changes, and homeowner numbers. But one key ingredient stands out: demographics. Boomers and millennials, two massive generations, are both hungry for houses. Boomers are defying exit trends, staying in the game, while millennials are entering their prime buying years in their early-to-mid-thirties.
Zillow predicts this will lead to a surge in owner-occupied homes in Memphis, with a projected increase of 9.6% – second only to Columbus and Austin! In stark contrast, some cities like Birmingham face negative demographic pressure, meaning fewer homeowners. Talk about Memphis on the rise!
Of course, we Memphians know our market has seen some changes recently. MAAR reports a 22.3% decrease in overall activity as of November 2023, with dips in median and average sales prices. But Zillow's optimistic outlook suggests these could be temporary adjustments paving the way for a boom.
So, what does this mean for you?
Buyers: If you're looking to invest in Memphis real estate, 2024 could be your golden year. With rising demand and potentially stable prices, you might find the perfect home sooner than you think.
Sellers: While the market may currently be cooling, Zillow's forecast predicts long-term growth. Holding onto your property could pay off with increased buyer interest and better prices down the line.
No matter your role, stay tuned, Memphis! The 2024 housing market promises to be a thrill ride. With a strong demographic tailwind and our Bluff City spirit, we're poised to ride the wave to new heights.
Ready to make your Memphis real estate dreams a reality? Contact MLE Realty, your trusted guide to navigating the ever-evolving market. Let's turn predictions into profitable realities!
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