MEMPHIS, Tenn. — What did Memphis and Miami have in common over the past year? Some of the fastest-rising home prices in the country.
The median listing price of a house in metro Memphis shot up by 33% in the past 12 months, to $318,000 according to July data released by Realtor.com.
The rate of price increase was second only to Miami, with its 36% increase, among the 50 largest metro areas in the country. The metro area includes the city plus outlying suburbs and counties.
Realtor.com said median home prices nationwide reached a record in June of $449,000. July’s list price was down about $1,000 from that historic high.
Even with the price increase, metro Memphis remains one of the least-expensive home markets in the country.
Memphis came in at No. 18 on Kiplinger’s list of cheapest cities to live in with costs of living roughly 15% below the national average. Lower-than-average housing costs make Bluff City more appealing compared to other cities, Kiplinger said.
By comparison, metro Nashville’s list prices rose 23% during the same period to a median of $550,000 — that’s 73% above Memphis prices. The most expensive market in the country was the San Jose, California metro area, where the median list price was $1.4 million.