It goes without saying that the coronavirus pandemic sparked a wave of uncertainty across myriad industries, and no other market has quite felt its impact like that of real estate.
The pandemic became a driving force behind the continued real estate boom, with high demand for vacation homes and a limited supply of housing that prompted buyers and investors to bid up prices for affordable properties, causing home prices to skyrocket. Since then, increasing mortgage rates have slowed growth, with prices even declining in some places. But some areas are still seeing price jumps compared to the year before.
compiled a list of cities with the fastest-growing home prices in the Memphis, TN-MS-AR metro area using data from . Cities are ranked by 1-year price change as of May 2023. The typical home value in the United States increased over the last year by 0.9% to $346,856. Data was available for 49 cities and towns in Memphis.
You may also like: Highest-rated campgrounds in the Memphis area by visitors
#30. Rossville, TN
- 1-year price change: +$7,754 (+1.4%)
- 5-year price change: +$185,188 (+51.1%)
- Typical home value: $547,588 (#2 most expensive city in metro)
#29. Covington, TN
- 1-year price change: +$7,839 (+4.9%)
- 5-year price change: +$64,033 (+62.0%)
- Typical home value: $167,370 (#35 most expensive city in metro)
#28. Millington, TN
- 1-year price change: +$8,631 (+4.0%)
- 5-year price change: +$93,193 (+69.8%)
- Typical home value: $226,676 (#25 most expensive city in metro)
#27. Southaven, MS
- 1-year price change: +$8,717 (+3.5%)
- 5-year price change: +$91,142 (+54.5%)
- Typical home value: $258,453 (#17 most expensive city in metro)
#25. Nesbit, MS
- 1-year price change: +$9,146 (+2.7%)
- 5-year price change: +$94,554 (+37.9%)
- Typical home value: $344,130 (#8 most expensive city in metro)
#24. Brighton, TN
- 1-year price change: +$9,258 (+3.9%)
- 5-year price change: +$93,023 (+61.6%)
- Typical home value: $244,145 (#20 most expensive city in metro)
#23. Grand Junction, TN
- 1-year price change: +$9,283 (+9.6%)
- 5-year price change: +$93,023 (data not available)
- Typical home value: $105,687 (#45 most expensive city in metro)
#22. Robinsonville, MS
- 1-year price change: +$9,433 (+6.4%)
- 5-year price change: +$93,023 (data not available)
- Typical home value: $156,074 (#36 most expensive city in metro)
#20. Gilt Edge, TN
- 1-year price change: +$9,792 (+5.1%)
- 5-year price change: +$109,484 (data not available)
- Typical home value: $202,141 (#30 most expensive city in metro)
#19. Munford, TN
- 1-year price change: +$9,988 (+4.0%)
- 5-year price change: +$92,753 (+56.4%)
- Typical home value: $257,255 (#18 most expensive city in metro)
#18. Waterford, MS
- 1-year price change: +$11,529 (+9.2%)
- 5-year price change: +$92,753 (data not available)
- Typical home value: $136,739 (#41 most expensive city in metro)
#17. Marion, AR
- 1-year price change: +$11,665 (+5.8%)
- 5-year price change: +$56,856 (+36.1%)
- Typical home value: $214,300 (#27 most expensive city in metro)
#16. Red Banks, MS
- 1-year price change: +$11,700 (+6.1%)
- 5-year price change: +$56,856 (data not available)
- Typical home value: $204,451 (#28 most expensive city in metro)
You may also like: Highest-paying jobs in Memphis
#15. Hernando, MS
- 1-year price change: +$11,755 (+3.7%)
- 5-year price change: +$106,786 (+47.7%)
- Typical home value: $330,755 (#10 most expensive city in metro)
#14. Potts Camp, MS
- 1-year price change: +$12,167 (+11.1%)
- 5-year price change: +$41,755 (+52.5%)
- Typical home value: $121,301 (#43 most expensive city in metro)
#13. Lamar, MS
- 1-year price change: +$12,244 (+11.0%)
- 5-year price change: +$41,755 (data not available)
- Typical home value: $123,610 (#42 most expensive city in metro)
#12. Holly Springs, MS
- 1-year price change: +$12,314 (+11.7%)
- 5-year price change: +$39,230 (+50.3%)
- Typical home value: $117,189 (#44 most expensive city in metro)
#10. Walls, MS
- 1-year price change: +$13,899 (+6.4%)
- 5-year price change: +$74,946 (+48.4%)
- Typical home value: $229,667 (#24 most expensive city in metro)
#9. Coldwater, MS
- 1-year price change: +$14,287 (+7.5%)
- 5-year price change: +$72,348 (+54.8%)
- Typical home value: $204,443 (#29 most expensive city in metro)
#8. Horn Lake, MS
- 1-year price change: +$14,586 (+8.5%)
- 5-year price change: +$71,097 (+61.6%)
- Typical home value: $186,562 (#34 most expensive city in metro)
#7. Sarah, MS
- 1-year price change: +$14,623 (+8.3%)
- 5-year price change: +$65,352 (+51.7%)
- Typical home value: $191,705 (#31 most expensive city in metro)
#5. Drummonds, TN
- 1-year price change: +$15,290 (+6.9%)
- 5-year price change: +$89,500 (+60.9%)
- Typical home value: $236,502 (#22 most expensive city in metro)
#4. Mason, TN
- 1-year price change: +$15,884 (+12.2%)
- 5-year price change: +$66,982 (+84.9%)
- Typical home value: $145,900 (#38 most expensive city in metro)
#3. Horseshoe Lake, AR
- 1-year price change: +$17,283 (+21.8%)
- 5-year price change: +$42,447 (+78.2%)
- Typical home value: $96,730 (#48 most expensive city in metro)
#2. Senatobia, MS
- 1-year price change: +$19,951 (+10.2%)
- 5-year price change: +$75,107 (+53.5%)
- Typical home value: $215,489 (#26 most expensive city in metro)
