The real estate market in Memphis, TN, has been seeing steady growth in recent years, with home prices and demand on the rise. However, despite the growth, Memphis remains one of the most affordable cities in the country to buy a home, making it an attractive location for both first-time homebuyers and investors. In this article, we will explore why now is the best time to buy one of the Memphis houses for sale.
Low Mortgage Rates
One of the main reasons why now is an excellent time to buy a home in Memphis, TN, is because of the low mortgage rates. Over the past year, mortgage rates have been consistently low, hovering around 3%, which is the lowest in decades. Low mortgage rates mean that homeownership has become more affordable, allowing buyers to purchase a home with lower monthly payments. Moreover, these low rates are not expected to last forever, so buying a home now can help you lock in a lower mortgage rate for the long term.
Rapidly Growing Economy
Another reason why now is an excellent time to buy a home in Memphis, TN, is the rapidly growing economy. Memphis has been experiencing steady economic growth in recent years, with new businesses and industries moving to the city. Additionally, Memphis is home to several large employers, such as FedEx, which provide stability to the local economy. The city’s thriving economy has led to job growth and increased income, making it easier for residents to afford a home.
Memphis remains one of the most affordable cities in the country to buy a home, despite the recent growth in home prices. The median home value in Memphis is currently around $135,000, which is significantly lower than the national average. Additionally, the cost of living in Memphis is relatively low, making it an affordable place to live overall. For buyers looking for a city with a low cost of living, Memphis is an excellent choice.
Quality of Life
Buying a home in Memphis is not only financially advantageous, but it also offers a great quality of life. Memphis is a vibrant city with a rich cultural scene. The city is famous for its blues, soul, and rock-and-roll music, which can be heard at legendary venues like the Orpheum Theatre, Beale Street, and Sun Studio. The city also hosts a variety of annual events, including the Beale Street Music Festival and the Memphis in May International Festival.
In addition to its music scene, Memphis is also known for its food. The city is famous for its barbecue, with iconic restaurants like Central BBQ and the Rendezvous attracting locals and tourists alike. Memphis also has a thriving food and beverage scene, with a wide range of restaurants and bars serving up everything from Southern comfort food to international cuisine.
Overall, between mortgage rates and general affordability, now is the best time to get into real estate in Memphis.