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Market Snapshot
Things to Do in Memphis
Memphis is the largest city on the Mississippi River and the second most populous city in Tennessee constituting one of the most historic and cultural cities of the southern U.S. featuring a wide variety of landscapes and distinct neighborhoods. Your weekends will be full of entertainment mixed with education and culture if you take the family to visit such local attractions as Graceland, Elvis Presley’s home, the Sun Studio, containing a museum, and the Orpheum Theatre staging Broadway shows. Soak up some culture at the National Civil Rights Museum, the Memphis Brooks Museum of Art, the Pink Palace Museum and Planetarium, and the Cotton Museum. Engage in outdoor activities at the Lichterman Nature Center, the Memphis Botanic Garden, the Jesse H Turner Park, and the Shelby Farms, which latter is one of the largest urban parks in the nation.
Memphis Industries
As far as the city’s economy is concerned, Memphis counts as a leading commercial center in transportation and logistics with FedEx providing most of the employment as well as making the Memphis International Airport the second-busiest cargo airport in the world. Additionally, the entertainment and film industries have had an ever-increasing presence due to the Memphis & Shelby County Film and Television Commission.
Top Memphis School Districts
Altogether 213 schools within three school districts are at your disposal. These are the Marion School District, the Shelby County Schools, and the West Memphis School District. Bask in everything the city has to offer.
Memphis Housing Market Conditions
Even with higher priced new homes, Memphis is experiencing a slightly undersupplied housing market based on demand. This gives great promise to new home builders in the area. Memphis has bounced back after the pandemic with positive job growth and a low unemployment rate while continuing to attract new households.
While permits are down, single family building permits are still 2 to 3 times the number of multi-family permits. Higher interest rates are a factor in both new and existing housing demand. These same increasing prices and interest rates are causing some new home cancelations.
A popular area of growth is seen in Collierville with a projection of 500 new homes over the next 3 years. As Memphis is fairing well with an undersupplied housing market, new home buyers can find affordability new homes for sale in Memphis in 2023. This popular and growing housing market draws institutional investors as well.
The bulk of new home growth is found to the east of Memphis. There are a variety of new home communities offer amenities and a great backdrop for a new home. Exteriors feature stone and brick facades with dormers, beams, shutters and abundant windows for natural light. Inside, find an open concept floor plan designed for modern families. Entertain and relax in gracious great rooms and chef-inspired kitchens. The latest in features, finishes and technologies will enhance your quality of life. Look forward to recessed lighting, architectural details, sleek countertops, dual vanities, large islands and abundant storage.