Memphis lies along the border of the Mississippi River in southwestern Tennessee. Memphis is the second-largest city in Tennessee, with more than 650,000 residents who call the city home. Memphis offers a unique look at American history. Memphis is a central transportation hub and hosts FedEx, The Memphis International Airport, and the International Port of Memphis. Music lovers will find plenty to enjoy in the “Home of the Blues.”
The city offers a variety of landscapes. The city borders the banks of the Mississippi as well as two national forests. Residents are close to major entertainment venues with easy drives to outdoor activities.
Residents in Memphis can look forward to plenty of rain each year. The city averages 54 inches of rain, nearly 20 inches more than the national average. Summer highs sit around 91 degrees, with winter lows averaging 30 degrees. Nashville only sees about 3 inches of snow per year. Tennessee is a humid state, and humidity levels can hit 70% in the summer months in the hottest months.
Understanding the neighborhood where you’ll buy or sell a property is critical. The real estate industry has a well-known phrase: location, location, location. When you’re buying or selling a property, the one thing that can’t be changed is the location. You’ll want to choose wisely. If you’re selling your property, highlighting the benefits of your neighborhood is a great way to attract buyers. If you’re purchasing a house, a closer look at the community will help you understand the market and investment potential more clearly.
Need to sell your home fast? Get an offer from Brick, fast!
Whether you’re moving on a deadline or you just want to speed up the sales process so you can move on faster, we can help. We offer:
Fast, fair offers: The average home sits on the market between 25 and 30 days. Once your home is under contract, it can take up to 45 days to close. At Brick, we’ll make a fair, cash offer within days.
No closing costs: Selling a home can cost several thousand dollars when you factor in realtor fees, closing costs, and repairs. You won’t have any of those expenses when you sell to Brick.
No walkthroughs: Don’t worry about scheduling open houses or walkthroughs. We purchase homes as-is. We can even buy properties site unseen. We also buy properties in any condition.
Close in days: Instead of waiting a month or more to finalize your sale and move on, sell to Brick. Once you accept the cash offer, we can close the deal within days.
Housing Market Trends in Memphis, Tennessee
The housing market in Memphis is moderately competitive. There has been a slight uptick in home sales from the last year, and prices have increased by almost 10 percent year-over-year. At publication, the median sale price for a home in Memphis is $205,000, and homes stay on the market for 27 days. Some homes in the market get multiple offers, and most are selling for the listing price. More popular listings average sales 6% above the asking price.
In July of 2021, the median sales price for a home in Memphis was $180,000, and homes stayed on the market for 29 days.
The housing market has trended upwards over the last five years. In 2017, the median sales price for a home in Memphis was $120,200, and homes stayed on the market for 37 days.
Peak months for sales in Memphis are May through August, while January sees a significant dip in the number of sales each year.
Tips for Selling Your Home Fast:
Significant life changes don’t always come at the most convenient times. Selling your home may be a desire, or it might be a necessity. Whether you’ve decided to start a new life across the country on a tight deadline or are just ready to ditch your investment properties, managing your sale the right way is essential. Check out these helpful articles for navigating the quick sale of your house:
- Need to sell a home quickly to avoid foreclosure?
- When you need to sell your home fast, what are your options?
- How to sell a house that needs work when you don’t want to do it.
Critical Tips for Selling Your Home:
Selling your home(s) can be difficult, but it doesn’t have to feel overwhelming. Taking a few minutes to prepare for the sales process can make a difference when it comes time to part with your house. Here are a few things to consider:
Why are you selling?
Before you list your house or contact us for a cash offer, it helps to know why you’re selling your home. Identifying the why helps with sales, including setting expectations for a sales price. It can also help you emotionally process the transaction to let go of your property.
Sellers offloading an inherited property, downsizing, going through retirement, or selling because of a divorce, should consider whether their emotional attachment could make the sales process more difficult. We’ve noticed that buyers who are overly passionate about the sale are more likely to:
- Ignore staging advice
- Overprice the home
- Respond irrationally to lower offers or requests for repairs
- Fail to market to their target audience
If you’re selling because you want to liquidate your investment properties, you may need to consciously withdraw the idea of control over what happens to the property once you sell.
What are your selling needs?
Once you’ve identified why you’re selling and identified ways to emotionally detach from the sales process, it’s time to think about your needs during the sales process. Which of these are concerns you have about your upcoming move?
- Cost of relocation
- Access to equity in your property
- Ability to provide seller financing
- Time to pack and move
- Cost of realtor fees and closing costs
- Cost of repairs
- Finding a buyer to purchase the property as-is
- Desire or ability to manage walkthroughs and appraisals
Many sellers spend as much as 10% of their sales price on repairs, fees, and closing costs. Are you comfortable or able to let go of that money to sell your home on the traditional market? If your home needs extensive repairs, you may need to pay for repairs or make concessions on the sale price. If you’d rather avoid appraisals and negotiating with buyers, selling your home for cash could be a better option.
Prepare for signing and closing
Signing and closing are the most anticipated parts of selling a house. This final step makes everything official. The process can vary depending on whether you sell your home through the traditional market or with an ibuyer.
If you sell your home on the traditional market, the sale can fall through at any point before closing. Complications with appraisal or funding could delay a sale. In worst-case scenarios, a deal could fall if a buyer isn’t approved for financing or the lender refuses to fund the loan because the property appraises for less than the offered amount.
You’ll meet with the lender and the buyers during closing and sign paperwork to finalize the sale. Before the final paperwork, your property undergoes an appraisal and inspection. The agent will do a title search, and you’ll complete any repairs or other concessions. Once the closing paperwork is filed, and the title is transferred into the seller’s name, the home is no longer yours.
When you work with an ibuyer, the closing process is a little different. The process is much faster because there are fewer hoops to jump through. We offer more flexibility for sellers, including the ability to control when you move out. We don’t require inspections or appraisals, and you won’t have to worry about our financing falling through. We can help you sell your home in days instead of weeks.
What does Memphis, Tennessee have to offer:
Memphis’s unique offerings include a robust musical and civil rights history. Located on the banks of the Mississippi River, there are plenty of outdoor activities. As one of the largest cities in the southern United States, Memphis has a robust array of activities, including:
- Graceland
- National Civil Rights Museum
- Beale Street
- Memphis Zoo
- Sun Studio
- Stax Museum of American Soul Music
- Memphis Rock ‘n’ Soul Museum
- Memphis Brooks Museum of Art
- Dixon Gallery and Gardens
- Orpheum Theatre
- Children’s Museum of Memphis
- Metal Museum
- Shelby Farms Park
- Overton Park
- Slave Haven Underground Railroad Museum
- Memphis Museum of Science and History
- Memphis Pyramid
- Blues Hall of Fame Museum
- Pink Palace Museum and Planetarium
- Woodruff-Fontaine House Museum
- Elmwood Cemetery
- Memphis Music Hall of Fame
- Crystal Shrine Grotto
- Lichterman Nature Center
- Fire Museum of Memphis
- Crosstown Concourse
- University of Memphis
- Mallory-Neely House
- Greenbelt Park
- Memphis Railroad and Trolley Museum
- Old Forest State Natural Area
- Poplar Tree Lake
- Mississippi River Park
