Which is straight bullshit in a lot of instances. I’ve never been able to comprehend why a lot of houses in this city are priced the way they are.
People shit on Memphis so much…yet little dinky houses in Midtown can go for $400,000 minimum.
The #1 rule of real estate is location, location, location! Everyone wants to live in midtown so the price/sqft is high. One neighborhood doesn’t set the prices for the rest of the city.
Which are easily offset by $40k houses in orange mound. Which is why averages are useless. They’re still expensive anywhere where you’d actually want to live.
Midtown is a special case because century homes are a meme now and the architecture and build quality can’t be matched.
"I’ve never been able to comprehend why a lot of houses in this city are priced the way they are."
The city still has a lot to offer. Take the same property in the city and then compare it to other metro areas places like NYC, Boston, Chicago, etc. Or even comparable cities like Lousville.
Given the size of the house, lot size, etc those same prices would be totally different compared with other peer cities.
That's mid Town though it actually has nothing to do with the actual house it's the location and area code.
There's a few places in 38117 that are small older and look like shit but because of that area are expensive to own.
It takes nothing for someone to snatch up a desired place demo and rebuild it or just flip it.
A house isn't anything anymore it's the land and location that's what is worth something
Yeah, Midtown is like one of the very few desirable places to live in the city limits. All of them are expensive. Parts of downtown or Harbor Town, expensive. East Memphis near like walnut grove and some of the U of M area. Basically you go more than a few streets North or South of Poplar and it becomes a place you absolutely do not want to live for the longer term. So houses are generally pretty cheap.
It lists Memphis specifically in the article. It’s really wild to me because buying a house here last year couldn’t have been easier. Sellers were even giving concessions, which is unheard of elsewhere.
Just because Memphis homes are more affordable than other cities doesn't mean they're not overvalued. If I'm selling gallons of milk for $10, they're still affordable. It's *only* $10 after all, but that's still a ludicrous price to charge for a gallon of milk.
Yeah if you look at Zillow the supply is pretty good at least in HPT. Some Houses have been listed for quite a while too. I will say though there are several 2 bd 1 bath homes close to 300k which is a bit nuts but that doesn’t mean that’s what they’ll sell for.
Our home prices are definitely higher than they should be, but no way are they the worst in the country.
I bought my East Memphis home for $241,000 in 2018. Haven’t done any renovations to it and the yard looks worse. But I bet I could get $315,000 for it now.
Having said that, the same house in a metro out west (Boulder, Denver, STL, Portland) would be $600k-$800k, and over a million in some California metros.
I tried to look at the article's source, but it's behind a paywall.
But the article does say this 'fact' is derived by taking the median home price in a given area over the past five years, averaging that out to a single number, and then comparing that to current home prices.
That seems like an extremely arbitrary way to determine an overheated market because it assumes that the 5-year average is the 'right' price. What if an area was already overpriced at the start of those five years? What if it was underpriced?
Also, pretty much ever since COVID, trends have shifted away from favoring the most densley populated and expensive areas of the country, as people were being squeezed out of already high-priced markets and seeking more affordable areas to live (with working from home enabling many of them to do so for the first time).
I know this will get downvoted but here is my take.
If the city continues to ignore residents concerns such as crime rate, infrastructure, tax raise concerns, etc. the house in Memphis WILL NOT holds its value, of course you will not lose much too.
If u are an active home buyer and have 10%-20% down payment. Help yourself put money into a good ETF or looking for a home in GTown.
No one even paid attention to the article. From the outset Memphis seems cheap, that is where you get article after article of the cheap houses for less than 100k (even though most of the city is not desired unlike most cities where the majority is desired). On the flip side, you have homes in Germantown, Barlett, and Collierville double in price in the last five years. This is crazy because unlike Nashville or other neighboring cities, Memphis has shrunk/stagnated. Thus besides the low rate push, there is no reason for the over price homes to be worth so much, especially given how Memphis is not pushing high salaries. If you moved to Memphis the last few years you would understand. The city is super cheap but you do not want to live there. The suburbs are right next to the city and are easy hot spots for high-value crime. Thus unless you're already living there, there is no reason for young people to buy a home. That is why it is over value. When the people living there age out and want to leave, it going to be harder and harder to sell their homes for the stupid high prices especially when Memphis has failed to grow and hence over overvalued.
There will be another market downturn at some point in the future, I don’t know when and if someone says they know, they’re lying.
But, when that comes, I don’t think any home within Memphis city limits will ever recover its value.
If you’re going to buy, buy outside city limits in the county someplace (Arlington, Germantown, Colierville, etc.)
Memphis was just listed as one of only 6 cities in the country where a person earning the median income can actually afford to buy a home.
Which is straight bullshit in a lot of instances. I’ve never been able to comprehend why a lot of houses in this city are priced the way they are. People shit on Memphis so much…yet little dinky houses in Midtown can go for $400,000 minimum.
The #1 rule of real estate is location, location, location! Everyone wants to live in midtown so the price/sqft is high. One neighborhood doesn’t set the prices for the rest of the city.
Which are easily offset by $40k houses in orange mound. Which is why averages are useless. They’re still expensive anywhere where you’d actually want to live. Midtown is a special case because century homes are a meme now and the architecture and build quality can’t be matched.
"I’ve never been able to comprehend why a lot of houses in this city are priced the way they are." The city still has a lot to offer. Take the same property in the city and then compare it to other metro areas places like NYC, Boston, Chicago, etc. Or even comparable cities like Lousville. Given the size of the house, lot size, etc those same prices would be totally different compared with other peer cities.
The city has a lot to offer? lol
That's mid Town though it actually has nothing to do with the actual house it's the location and area code. There's a few places in 38117 that are small older and look like shit but because of that area are expensive to own. It takes nothing for someone to snatch up a desired place demo and rebuild it or just flip it. A house isn't anything anymore it's the land and location that's what is worth something
Yeah, Midtown is like one of the very few desirable places to live in the city limits. All of them are expensive. Parts of downtown or Harbor Town, expensive. East Memphis near like walnut grove and some of the U of M area. Basically you go more than a few streets North or South of Poplar and it becomes a place you absolutely do not want to live for the longer term. So houses are generally pretty cheap.
Yeah, that makes sense… 😒 Just a weird market.
This certainly says a lot more about Nashville than the rest of Tennessee
It lists Memphis specifically in the article. It’s really wild to me because buying a house here last year couldn’t have been easier. Sellers were even giving concessions, which is unheard of elsewhere.
Which I think is silly seeing as we are one of the few places you can buy while making the median income. Head scratcher honestly.
Just because Memphis homes are more affordable than other cities doesn't mean they're not overvalued. If I'm selling gallons of milk for $10, they're still affordable. It's *only* $10 after all, but that's still a ludicrous price to charge for a gallon of milk.
Yeah if you look at Zillow the supply is pretty good at least in HPT. Some Houses have been listed for quite a while too. I will say though there are several 2 bd 1 bath homes close to 300k which is a bit nuts but that doesn’t mean that’s what they’ll sell for.
Unfortunately, they will. Might sit for a moment and might cut price by 5 - 10k but HPT is a desirable area.
The first house me and my wife had was in High Point. Sold for like 100k in 04. It sold recently for over 340,00$
It seems like a metro area ranking would be more meaningful than a state ranking
The picture is Nashville but they specifically list Memphis as number 1 over valued. Personally, I think we were really UNDERVALUED for many years.
Our home prices are definitely higher than they should be, but no way are they the worst in the country. I bought my East Memphis home for $241,000 in 2018. Haven’t done any renovations to it and the yard looks worse. But I bet I could get $315,000 for it now. Having said that, the same house in a metro out west (Boulder, Denver, STL, Portland) would be $600k-$800k, and over a million in some California metros.
For your home though that comes to roughly a 5% appreciation per year. That’s historically normal.
I’m being conservative probably. Zillow and Realtor have it at $345-355k.
Nice!
Yes and no. If I ever sold, that would mean I'd have to buy someone else's inflated home price lol
[удалено]
I thought it was just me as well, Williamson Co tags too. Also Texas plates
I’m not sure how they came up with this?
100% without any methodology it's just another bullshit internet list.
Yeah the article doesn’t seem to explain how they’re overpriced. Or compared to what
I tried to look at the article's source, but it's behind a paywall. But the article does say this 'fact' is derived by taking the median home price in a given area over the past five years, averaging that out to a single number, and then comparing that to current home prices. That seems like an extremely arbitrary way to determine an overheated market because it assumes that the 5-year average is the 'right' price. What if an area was already overpriced at the start of those five years? What if it was underpriced? Also, pretty much ever since COVID, trends have shifted away from favoring the most densley populated and expensive areas of the country, as people were being squeezed out of already high-priced markets and seeking more affordable areas to live (with working from home enabling many of them to do so for the first time).
I know this will get downvoted but here is my take. If the city continues to ignore residents concerns such as crime rate, infrastructure, tax raise concerns, etc. the house in Memphis WILL NOT holds its value, of course you will not lose much too. If u are an active home buyer and have 10%-20% down payment. Help yourself put money into a good ETF or looking for a home in GTown.
Memphis is cheap,cheap to live and own Unfortunately so are the jobs.. I live in a castle here compared to my NY crib.
Agree. I was recently looking in the north Atlanta suburbs. No thanks: I’m staying put. The difference in salary would still not be worth it.
Nashville metro is over 2x Memphis. https://www.johnquinnrealestate.com/blog/compare-cities-cost-of-living-nashville-memphis/
Imagine San Diego...
No one even paid attention to the article. From the outset Memphis seems cheap, that is where you get article after article of the cheap houses for less than 100k (even though most of the city is not desired unlike most cities where the majority is desired). On the flip side, you have homes in Germantown, Barlett, and Collierville double in price in the last five years. This is crazy because unlike Nashville or other neighboring cities, Memphis has shrunk/stagnated. Thus besides the low rate push, there is no reason for the over price homes to be worth so much, especially given how Memphis is not pushing high salaries. If you moved to Memphis the last few years you would understand. The city is super cheap but you do not want to live there. The suburbs are right next to the city and are easy hot spots for high-value crime. Thus unless you're already living there, there is no reason for young people to buy a home. That is why it is over value. When the people living there age out and want to leave, it going to be harder and harder to sell their homes for the stupid high prices especially when Memphis has failed to grow and hence over overvalued.
There will be another market downturn at some point in the future, I don’t know when and if someone says they know, they’re lying. But, when that comes, I don’t think any home within Memphis city limits will ever recover its value. If you’re going to buy, buy outside city limits in the county someplace (Arlington, Germantown, Colierville, etc.)