Growing from the banks of the mighty Mississippi River, Memphis has made some big contributions to American culture throughout its history. Due to its role in popularizing the two musical genres, Memphis’ many nicknames include the “Home of the Blues” and “Birthplace of Rock and Roll.” Both B.B. King and Elvis Presley were among the city’s most famous residents, with the two legends respectively immortalized on Beale Street in Downtown Memphis and at the Graceland estate in Whitehaven — two of Memphis’ most iconic sites and landmarks.
Today, Memphis is a massive logistics hub due to its expansive transportation network, which consists of water, ground, rail and air travel. FedEx, which provides one of the world’s leading shipping services is also headquartered in the city. Beyond being a major distribution center, Memphis has also been touted as a big city without the higher costs associated with living in a large metropolitan area. The city has a median home price of around $190,000, which is $230,000 less than the national median and about $300,000 less than costs in Tennessee’s capital, Nashville. “It doesn’t take much to have a decent living here,” says Michael Pridgen, the owner of Meta-Tech Systems, a general construction company that works throughout the entire Memphis area. “Over the past few years, I’ve seen more out-of-town investors buying up property and land to reinvigorate the city. When they see a 2,500-square-foot house on 2 acres for $195,000, $200,000, they jump all over it. Because in California, comparatively, that’s a half-million-dollar house.”
Like other major cities, Memphis continues to change its cityscape and more renovations are being done downtown. Between the 2010 and 2020 census, the city’s population fell by about 2% to 633,104. However, its metro population — approximately 1.3 million people — went up by about 20,000 during that same time period. “There’s a lot going on here. And with all the upcoming improvements, there are so many new job opportunities,” says Kris Goudy, a Broker with 360 RealtyPro, LLC, who has 16 years of experience in the real estate industry.
Uptown Memphis Gives Residents Quick Access to Downtown Memphis.
Tourists come from all over the world to sign the wall at Graceland in Whitehaven.
The world's first bronze Elvis statue was unveiled in 1980 and is located on Beale Street.
Memphis is the home of FedEx and a critical logistics hub.
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From Craftsman cottages to opulent Colonials
Memphis is divided into several distinct neighborhoods. Downtown's multi-story buildings house a mixture of apartments and condos. Notable communities here include Harbor Town, which is a part of the Mud Island area that extends out into the Mississippi River. Harbor Town is known for its garden-style apartment complexes and upscale houses. Here, scenic ponds, gravel walking paths and tree-lined streets add to the community’s aesthetic. “The downtown has had a resurgence of residential real estate with a lot of apartments and condos there, and they’re still building some,” says Harry Samuels, a Realtor with Pinnacle Realty. “Mud Island is highly developed with houses and apartments. A lot of young people gravitate toward that area.”
Midtown Memphis is known for its arts scene and counts academics among its residents. Many houses in this large community are over a century old and sit along walkable blocks lined by mature trees. The most common style here is the Craftsman bungalow, but the area also has many American Foursquares, English Tudors, Victorian cottages and a few Spanish-style homes with distinct tile roofing. Midtown’s Overton Park Avenue stands out for its opulent homes showcasing features like second-story balconies and Greek-style columns.
Other notable communities in Memphis include East and South Memphis . East Memphis has many mid-20th-century ranch-style houses and a mix of upscale Colonial Revivals and contemporary Traditionals, particularly in the growing area around the Baptist Memorial Hospital-Memphis campus. South Memphis has more Craftsman bungalows but is also known for its many shotgun-style houses.
The majority of single-family homes in Memphis cost between $100,000 and $450,000, but several houses around East Memphis and Midtown—which also have footprints of over 3,500 square feet—can pass the $1 million mark. Condos in Memphis cost between $100,000 and $350,000, but a few around downtown and East Memphis can go a little beyond that range.
Parks Abound in pedestrian friendly locations in Mud Island.
Craftsman homes and Bungalows are popular in Midtown.
Colonials are popular in Shady Grove.
The D.T. Porter building is a historic building in Downtown Memphis made up of condos.
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Beale Street nightlife and sports in downtown Memphis
The Hernando de Soto Bridge that connects Memphis and Arkansas and the Pyramid are among the most recognizable downtown landmarks. The Pyramid served as the home of the University of Memphis men’s basketball team and, briefly, the NBA’s Memphis Grizzlies until the opening of the FedEx Forum downtown in 2004. The Pyramid also hosted concerts and other celebrations like local high school graduations. In the 2010s, sporting goods chain Bass Pro Shops opened a location inside the Pyramid. In addition to the store’s merchandise, the Pyramid offers attractions like an aquatic-themed bowling alley, a hotel called the Big Cypress Lodge and a built-in creek and fish tanks stocked with catfish and other species.
Also located downtown is Beale Street, a nightlife destination with various restaurants, shops and bars. Notable establishments along this strip include the B.B. King’s Blues Club, a restaurant and live music venue. Walkers around here will also notice plenty of public art, including 20 giant recreations of B.B. King’s Lucille guitar. Beale Street also hosts the annual Silky Sullivan’s St. Patrick’s Day Parade in March, when folks deck themselves out in green clothing, green beads and even enjoy green beer.
Other nearby attractions include the Memphis Music Hall of Fame and the Orpheum Theatre. In addition to college and pro basketball teams playing at the FedEx Forum, the Memphis Redbirds, a minor league affiliate of MLB’s St. Louis Cardinals, play at the AutoZone Park.
One of the city’s largest annual celebrations is the Memphis in May International Festival, a series of events that occur at different locations throughout the month. The events include the World Championship Barbecue Cooking Contest, a more than four-decades-old tradition that takes place over several days at Liberty Park in Chickasaw Gardens . While in August, Elvis Week brings thousands of fans from across the globe to Graceland to celebrate the legend’s life and career. This multi-day celebration features live music, a 5k run and an Elvis tribute contest. The Cooper-Young Festival is another popular Memphis celebration, typically drawing more than 100,000 people to Midtown in September. The event features live music and hundreds of artists.
Beale Street in Downtown Memphis is one of Memphis' most popular tourist attractions.
The FedEx Forum is located in Downtown Memphis just off Beale Street.
Autozone Park hosts the Memphis Redbirds baseball team and Memphis 901 FC soccer team.
Bass Pro Shop is Located in Memphis' Famous Pyramid in Uptown Memphis.
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Sampling Memphis’ famous barbecue
Memphis takes pride in its barbecue and as such, the city is peppered with restaurants ranging from chains like Tops Bar-B-Que to the more renowned and tourist-driven establishments like the Rendezvous. Central BBQ is one of the city’s most popular institutions, with locations in three states. One & Only is another small, recently launched, chain that has quickly gained a following.
Other staples here include Gus’s World Famous Fried Chicken, which serves spicy, hand-battered chicken with sides like okra, mac ‘n cheese and slices of bread. The Four Way has served soul food to regulars and celebrities since 1946. Notable patrons have included Martin Luther King Jr., Elvis Presley and Al Green. Folk’s Folly offers a variety of prime cuts of beef and seafood dishes. Huey’s is a local chain serving beers and American comfort meals. Huey’s locations host live music and have unique traditions like permitting patrons to toss toothpicks into the ceiling or scribbling their names on the restaurant's walls. Since the turn of the 21st century, Memphis has also seen its Latin cuisine scene grow. Babalu is one of several staples here and has East Memphis and Midtown locations. “Babalu does a really good job of being authentic Mexican while still having that Tex-Mex element,” Pridgen says.
The city also boasts a variety of shopping destinations. Laurelwood Shopping Center, located in Audubon Park , is an open-air mall featuring national stores like J. Jill, Chico’s and Orvis. Lori James Contemporary Boutique sells trendy and eclectic women’s clothing. Babcock Gifts sells home décor and fashionable luggage. The South Main Arts District boasts a mix of art stores, home design shops and women’s boutiques. Kroger has numerous locations across Memphis, while the city has chains like Whole Foods and Fresh Market. Those hunting for locally sourced produce and artisan goods can stop by the Memphis Farmers Market, which takes place downtown on Saturday and runs from April to November.
Gus's Fried Chicken Ready to be Served
Central BBQ sits just behind the Civil Rights Museum in South Main.
South Memphis features some of the best soul food in the region.
Rendezvous is one of Memphis' famous BBQ joints.
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Adventures on the Mississippi and discovering Shelby Farms
The banks of the Mississippi have many parks and outdoor activities. The Mississippi Riverwalk allows bikers and walkers to go over the water to Mud Island Park. While there, they can rent kayaks and paddle boards and see attractions like a miniature replica of the lower Mississippi River area. A little farther south is Tommy Lee Park, which has long been a citywide destination for scenic walks and views of the river. The nearby Big River Crossing is a pedestrian bridge that gives walkers, joggers and bikers overlooking views of the Mississippi. Memphis Riverboats offers a variety of cruises on the Mississippi, ranging from 90-minute trips along the water to overnight stays on the boats. Bikers near the Mud Island area can also get on the 26-mile Wolf River Greenway and travel as far as suburbs like Germantown, located about 20 miles east of downtown.
Overton Park in Midtown is another citywide destination. Visitors to the 342-acre green space enjoy anything from relaxing on its vast open fields to jogging and playing catch with their dogs. The park shares space with the Memphis Zoo, which has more than 3,500 animals and species.
Located between East Memphis and the suburban community of Cordova , Shelby Farms is among the largest city parks in the country. The 4,500 acre park is home to 40 miles of hiking trails and draws a mix of walkers, joggers, bikers and horseback riders. The parks’ other attractions include a network of ponds used by anglers and kayakers and a playground featuring a zipline.
Elvis Presley fans can visit the Graceland mansion for sightseeing. Those interested in learning about influential musicians can visit the Stax Museum of American Soul Music in South Memphis. Downtown also has the National Civil Rights Museum, where visitors can pass by the Lorraine Motel—the site of Martin Luther King Jr.’s assassination in 1968.
South Main is home to the National Civil Rights Museum.
Playful tigers at the Memphis Zoo.
Families enjoying a visit to Mud Island
Shelby Farms in Cordova is a local favorite spot for paddleboarding.
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Memphis-Shelby County Schools and flagship university in the U of M
Memphis-Shelby County Schools District is the city’s public education provider, resulting from a merger between the Memphis City Schools and Shelby County School districts. The school system gets an overall C-plus grade from ratings site Niche and oversees 238 schools. Standout schools include White Station High School, which gets an A from Niche. The city also has 77 private schools.
The University of Memphis is the city’s flagship higher education institution. The city has over a dozen college-level institutions, including Rhodes College, Christian Brothers University and Southwest Tennessee Community College — which has two locations in the city.
Home to FedEx and St. Jude Children’s Research Hospital
With well over 30,000 employees, FedEx is Memphis’ largest employer. In addition to its corporate offices in East Memphis, the company’s “Superhub” at the Memphis International Airport employs many of its workers. The airport itself is one of the world’s largest cargo airports. Other major companies headquartered in Memphis include International Paper and auto parts retailer AutoZone.
The city also has some notable medical institutions, including the St. Jude Children’s Research Hospital. Many publications list the hospital among the country’s best children’s cancer research facilities.
The Memphis Area Transit Authority has many bus stops across the city, but most residents drive to commute. Interstates 240, 40 and 69 form a loop around the city and take commuters to many destinations across Memphis. I-40 runs directly to Jackson and Nashville, which are, respectively, 87 miles and 212 miles east of Memphis. “Most people that come here say that it’s a very easy city to navigate,” Samuels says. “They’ll say that where they’re from, it takes 40 minutes to get to work. In Memphis, in 40 minutes you can go from one side of the city to the other with the type of transportation we have.”
The Mississippi River also remains a significant route for commerce, mainly due to sites like the International Port of Memphis south of downtown.
Important to know
Like much of Tennessee, Memphis enjoys four true seasons, although the duration of the periods between summer and winter may vary. The city has an average annual high temperature of 73 degrees, putting it several points above the national figure. The area is prone to some severe thunderstorms and the occasional tornado. Winters are mild but can bring in at least one snow or ice storm a year.
Memphis has also long struggled with crime. The city has particularly experienced trouble with violent crime, an issue that has drawn national attention over the years. According to the FBI’s Crime Data Explorer, in 2023 the city’s violent crime rate was more than triple that of the state and well over the national rate. The data explorer also reflected a more than 50% uptick in property crime between 2020 and 2023. During the same period, the city’s violent crime reports increased by 10%.
On average, homes in Memphis, TN sell after 64 days on the market compared to the national average of 70 days. The median sale price for homes in Memphis, TN over the last 12 months is $258,000, up 30% from the median home sale price over the previous 12 months.
Housing Trends
Median List Price
$287,450
Median Sale Price
$258,000
Median Single Family Sale Price
$303,500
Median Townhouse Sale Price
$212,499
Median 2 Bedroom Sale Price
$191,000
Median Change From 1st List Price
3%
Last 12 months Home Sales
624
Median Home Sale Price YoY Change
30%
Average Price Per Sq Ft
$194
Neighborhood Facts
Number of Homes in Neighborhood
205,542
Number of Homes for Sale
111
Median Year Built
1964
Months of Supply
2.10
Average Single Family Home Size Sq Ft
1,652
Below the national average
1,924
Average Townhouse Size Sq Ft
2,622
Average 2 Bedroom Size Sq Ft
1,341
Average 1 Bedroom Size Sq Ft
797
Average Studio Size Sq Ft
438
Median Lot Size Sq Ft
9,583
Cost of Living Comparison
Average Home Value
Source: Public Records
Top Schools in Memphis, TN
Source:
Best Public Elementary Schools
#1 Forest Hill Elementary School
A
Niche
#2 Donelson Elementary School
A
Niche
9
GreatSchools
#3 Farmington Elementary School
A
Niche
9
GreatSchools
#4 Lakeland Elementary School
A
Niche
9
GreatSchools
#5 Richland Elementary School
A-
Niche
9
GreatSchools
#6 Bon Lin Elementary School
A
Niche
8
GreatSchools
#7 Lakeland Middle Preparatory School
A
Niche
7
GreatSchools
#8 Riverdale Elementary School
A
Niche
7
GreatSchools
#9 Oak Elementary School
A-
Niche
7
GreatSchools
Best Public Middle Schools
#1 White Station High
A
Niche
8
GreatSchools
#2 Arlington Middle School
A
Niche
7
GreatSchools
#3 Bon Lin Middle School
A
Niche
7
GreatSchools
#4 Houston Middle School
A
Niche
7
GreatSchools
#5 Lakeland Middle Preparatory School
A
Niche
7
GreatSchools
#6 Riverdale Elementary School
A
Niche
7
GreatSchools
#7 University of Memphis - University Middle School
Jennie’s success as a Real Estate professional is due to her dedication to her clients. Making a connection with buyers and locating the perfect home is her specialty and something she loves to do. Jennie believes the foundation of a good relationship is built with honesty and trust. The purchasing of a home is one of the most important decisions clients will make, and Jennie takes that job very seriously. Her husband Larry is a retired Army Master Sergeant, they have three children and two amazing grandsons. When not working with buyers and sellers she enjoys volunteering with the Ladies of St. Jude.
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. Our sources include: Accuweather, Public Records and Neustar. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
