#19. Memphis, Tennessee

- Average days homes are listed before a pending sale (December 2020): 25

- Median sale price of homes in February 2021: $215,817 (29.6% less than national median)

- Houses for sale in February 2019: 6,044 (-47.1% change between 2019-2021)

- Houses for sale in February 2020: 5,219 (-38.7% change between 2020-2021)

- Houses for sale in February 2021: 3,200

Housing inventory in Memphis was low before the pandemic and then dropped even lower. In the fall of 2020, for example, there were 30% fewer listings in the tri-county area of Shelby, Fayette, and Tipton than there were a year earlier. In part, demand has been driven by out-of-state investors buying residential real estate in Memphis for rentals. Major employers in the area include FedEx, founded in Memphis in the 1970s.

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