Memphis has been attracting hordes of real estate investors, who are snapping up foreclosures and other cheap housing, rehabbing the homes and renting them out for handsome profits.
That has lifted home values in recent months. The metro area recorded a year-over-year increase of more than 8% through September. And CoreLogic predicts that prices will appreciate another 7.3% in the 12 months ended September 2014.
Nevertheless, Memphis is still a bargain hunter’s delight. The median home price of $122,000 is just 2.2 times the median income of $56,400, a favorable ratio. The average in the United States is 2.8.
- Median home price : $122,000
- Forecast gain through Sept. 2014: 7.3%