Each year home prices are rising and we can expect even more opportunities with the new Ford plant that is coming soon in the area. This is good for all home sellers that are looking to sell because that means the highest return for your investment dollar. According to information provided by the Memphis Area Association of Realtors these were the six Shelby County suburban municipalities that saw increases in median home prices: Arlington, Bartlett, Collierville, Germantown, Lakeland and Millington. Once you have determined your focus, it’s time to look for your investment property. So read on as we explore how you can find the right real estate investment in each of these suburbs.
As in 2021, Collierville was the most expensive Shelby County suburb to buy a home in 2022. The median sales price climbed 7.8% year-over-year from $464,000 in 2021 to $500,000 last year. Factors such as the type of tenant you want to attract to the rental rate you can expect to charge are all determined by finding the best potential real estate investment in Collierville. For example, low crime rates and good schools add value, as do physical characteristics and the hometown feeling.
A 25.5% increase in median sales prices in the town saw Lakeland overtake Germantown last year as the second most expensive to buy in. In 2021, the median sales price in the town was $382,500. Last year, that climbed to $480,000. You will need to determine which sector is the best starting point for your real estate investment in Lakeland, whether commercial, residential, special purpose, land, or industrial.
Germantown saw an 8.4% increase in median home sale prices, rising to $450,000 in 2022, up from $415,000 in 2021. Within these investment opportunities are several niches that can be combined with other business interests and further enhance your returns.
Arlington saw a 12.5% hike in median sales prices last year, pushing the median home price over $400,000. Last year, the median price was $421,972, compared to $375,000 in 2021. There are many creative ways to maximize your real estate investments in Arlington to lower operating expenses while extracting the full potential of your income streams from each investment. A large part of making savvy investments is ensuring that your budget allows room for the unexpected, such as emergency repairs or unexpected vacancy periods.
A 13% increase pushed the median sales prices in the suburb over $300,000. Last year, the median sales price rose to $305,000, up from $270,000 in 2021.
Despite a 28.6% jump in median sales prices, Millington remained the most affordable suburb last year. Median home prices rose to $225,000 in 2022, up from $175,000 the year before.
Professional investors like those at Memfixerupper can help you find the best location that is comfortably within your budget. At Memfixerupper, our professional investors have a passion for helping others succeed, a passion shared by our entire full-service in-house team of industry specialists who help process transactions quickly and efficiently to save your money. We also can help you learn the ropes of each market sector. We are highly experienced local investors who built their careers here in Memphis and have an intimate working knowledge of all sectors. Memfixerupper performs your due diligence and ensures the numbers add up to a successful investment. We recognize the red flags to watch out for to help you avoid money pits.