What Memphis neighborhoods have seen the most home sales in 2024? Here's how they rank

Most Memphis neighborhoods saw an increase in the number homes sold in the first quarter of 2024 compared to the same period last year, according to data released by Memphis Area Association of Realtors .

It was a big quarter for many neighborhoods: Six saw an increase of more than 21% in the number of units sold.

Shelby County as a whole saw an 8.3% increase year-over-year in the number of homes sold, climbing from 3,021 to 3,271.

Memphis neighborhoods by number of homes sold in 2024

The majority of Memphis neighborhoods sold more homes in the first quarter of 2024 compared to a year ago. The data compares the number of homes sold from January to March 2024 to the same period in 2023:

• South Memphis: 312 units; up from 235, the largest increase at 32.8%
• Hickory Hill: 232 units; up from 184, a 26.1% increase
• Midtown: 208 units; up from 196, a 6.1% increase
• Whitehaven: 208 units; up from 167, a 24.6% increase
• Raleigh: 205 units; up from 167, a 22.8% increase
• Berclair: 169 units; up from 139, a 21.6% increase
• Parkway Village: 126 units; up from 116, an 8.6% increase
• Downtown: 112 units up from 88; a 27.3% increase.

In contrast, four neighborhoods sold fewer homes in 2024 Q1 compared to 2023 Q1:

• Cordova: 338 units; down from 349, a 3.2% decrease
• Frayser: 234 units; down from 243, a 3.7% decrease
• East Memphis: 512 units; down from 530, the smallest decrease at 3.4%
• Southwind: 12 units; down from 25, the largest decrease at 52%.

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Why have home sales increased in most Memphis neighborhoods?

What is causing such a sharp uptick in home sales this past quarter? The answer is simple: There are more people looking to sell, and with interest rates rising again, buyers in this market are serious about getting a home.

"Sales are up because there's increased inventory," said Joel Hobson, principal broker and owner of Hobson Realtors. "People can actually find a house now and they can even buy a house sometimes contingent on the sale of their current house, which they couldn't do when the market was crazy during the pandemic."

Hobson said that while it's still a sellers' market, it's not even close to how the market was in 2020 and 2021, when buyers were forced to make decisions on buying a home extremely quickly. Ironically, now that buyers have more time to look at different options, do inspections and actually make an informed decision, they're more likely to end up buying a home.

"If they're not forced to make a decision in 20 minutes, and they can maybe go look at it a second time, do inspections, ask for repairs... during the pandemic you had to buy it as is. If you didn't approve the inspections, the next guy in line would," Hobson said. "I really think the market has evolved into a much fairer market for everybody. It's freed people up to feel like they can buy a house in their normal circumstances."

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Jacob Wilt is a reporter for The Commercial Appeal. You can reach him at jacob.wilt@commercialappeal.com .

This article originally appeared on Memphis Commercial Appeal: What Memphis neighborhoods have seen the most home sales in 2024? Here's how they rank