Most Memphis neighborhoods’ home values rose in 2021 due to more competition among interested buyers and out-of-town investors along with less housing inventory.
In the first few months of 2022, that trend is continuing, according to data from the Memphis Area Association of Realtors, particularly in neighborhoods like Whitehaven and South Memphis that started from a lower median home sales value price point.
A home for sale in the Ridgeway Estates West neighborhood of Memphis, Tenn. on Friday, April 8, 2022.
Cassandra Bell-Warren, who does real estate work in South Memphis with 4 Success Realty LLC, attributes neighborhoods like Whitehaven seeing their home values increase to two main factors.
“We have a shortage of inventory, so that makes the market a little more competitive in terms of price,” said Bell-Warren, a former MAAR president. “The other thing is when we have these first-time homebuyers coming into the market in a lot of the areas they’re outpriced. If I’m a first-time homebuyer and my starting price is $150,000, $160,000 or $170,000, then those are the areas where I can probably buy because there’s not going to be anything in Cordova or Germantown or anything like that.”
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