How resilient is the Memphis, TN housing market?
While the US residential housing market is recovering on a steady trajectory, the market still has not recovered to its pre-recession highs. The median home value in US is still only 86% of the nation's pre-recession high, and only 34% of homes have had their values surpass their pre-recession peak values, according to Trulia.
The Memphis, TN-MS-AR metro area follows the trend, only with median home values reaching only 89% of pre-recession peaks.
As a company providing lawn service to homes in Memphis, TN-MS-AR, it is in our best interest to fully understand and track all changes within the region's housing market. So we decided to publish some of our research so those interested can better understand the Memphis, TN-MS-AR housing market.
Methodology
We took historical data of Zillow's Housing Value Index - a measure for median home value - and adjusted the index for inflation using the Consumer Price Index (All Items Less Shelter), as recommended by the FHFA. We collected data at nationwide, state, metro and city levels.
From there, we compared current home values to their pre-recession peaks to understand how resilient the Memphis, TN-MS-AR area is relative to Tennessee, the US, and other metro areas. We summarized the findings in an interactive data visualization, found at the bottom of the page.
Key Findings
- The median home value in Memphis, TN-MS-AR has reached $121k - 89% of the area's pre-recession peak of $136k.
- In terms of recovery, the region is ahead of the US and behind Tennessee. Home values in these regions have reached 86% and 102% of peak values, respectively.
- Memphis ranks #40 among top 100 metro areas in the country in terms of recovery, and #194 across all metros.
- Of metro areas in Tennessee, Memphis ranks #19 in terms of recovery.
Most Resilient Cities in the Memphis, TN-MS-AR Metro Area
- Williston
- Lamar
- Somerville
- Moscow
- Hickory Withe
- Germantown
- Collierville
- Atoka
- Arlington
- Lakeland
Most Resilient Metros in TN
- Lewisburg, TN
- Nashville-Davidson--Murfreesboro--Franklin, TN
- Shelbyville, TN
- McMinnville, TN
- Newport, TN
- Clarksville, TN-KY
- Cleveland, TN
- Cookeville, TN
- Tullahoma-Manchester, TN
- Knoxville, TN
Areas we service near Memphis