Memphis still ripe for the Investor Market

According to the Memphis Business Journal, the Memphis mid-south area is still ripe for real estate investment. The magazine reports that Memphis currently ranks No. 6 on the list of the best cities for real estate investments. Business 2.0 worked with Moody's Economy.com to identify 10 cities that have "just about hit rock bottom -- and offer opportunities for savvy investors to get in while the getting's good," the magazine wrote.
The projected median sales price for a single-family home in Memphis for the first quarter of 2008 is $143,550, and $150,730 in the fourth quarter of 2009. "Memphis' housing market should hit bottom within the next few months, and the average home bought in 2003 still managed to sell for 12 percent more last year," according to Business 2.0. "Even better, prices have held steady this year, although the average number of days that homes sit on the market has grown larger." The current inventory of homes is larger than it has ever been and offers many choices for the homebuyer and the investor.
The PMI Risk Index ranks Memphis as one of the nation's least vulnerable markets and a survey by Global Insight and National City Corp. has listed Memphis as one of the most undervalued markets in the country, according to Business 2.0.