Memphis to be hottest housing market in Tennessee in 2024, according to Zillow

There is at least one area that Memphis is expected to excel over Nashville in 2024 if a certain prediction comes to fruition.

Memphis is projected to be Zillow’s hottest housing market in Tennessee this year, coming in at No. 14 on the list. Nashville ranked No. 33 on the projection.

Zillow’s list analyzed several factors, including forecasting home value growth, recent housing market velocity, potential labor market adjustments, home construction activity, and number of homeowner households.

Buffalo, Cincinnati, Columbus, Indianapolis, and Providence, Rhode Island, round out Zillow’s top five housing markets for the new year. Atlanta, Charlotte, Cleveland, Orlando, and Tampa complete the top 10 of Zillow’s list.

Demographics is the factor Zillow referenced specifically related to Memphis’ projected housing market growth in 2024.

“Baby boomers and millennials represent two enormous generations, and both are very active in the housing market,” Zillow’s news release states. “Baby boomers are hardly exiting the market as they age, a departure from previous generations at the same age, and millennials are aging into their prime homebuying years as they hit their early and mid-thirties.

“In 2024, only 14 of the 50 largest markets are expected to see homeownership rise,” the release continues. “The market with the most lift in the for-sale market is Columbus, with a trend suggesting the formation of 11.4% more owning households (assuming there are homes available for them to buy). Austin and Memphis follow at 9.7% and 9.6% respectively. Of the markets with negative demographic pressure, Birmingham is expected to have the least (-25%), then San Diego (-21.8%), and Oklahoma City (-20.2%).”

Through November 2023, the Memphis Area Associations of Realtors (MAAR) reported the Memphis-area housing market has seen home activity decline across the board by 22.3%, with median home sales price dropping 2.3% and average sales price going up by 0.7%.

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