The 28 million Americans hoping to buy a primary residence in 2023 are in for a rude awakening, according to a telling NerdWallet survey. According to the data, these homebuyer hopefuls are looking to spend an average of $269,200 on a home.

In cities across the United States, particularly in large real estate markets, rent prices have been skyrocketing.  We have seen rent increases in many areas of Memphis as well as Dallas and Houston, although rents have not been rising like they have in some large cities across the country.  Many rents are also rising in multi-unit complexes which are seeking to add more and more attractive amenities, but are not shy about raising the rent at the same time.

While many markets are recovering from the recession (some slower than others), the demand for rental units — whether single-family properties or apartments — is still very, very high and shows no signs of slowing down. Whether its residual fear of foreclosure or shifts in our goals and needs in residence, renting is popular.

There is definitely a change taking place right now in the Memphis real estate market.  Like the picture above, the fog is lifting and the city is starting to come alive again with real estate transactions starting to show improvement in many areas.  The change can be seen very clearly in both the residential retail market and the residential investment market.  The Memphis Area Association of Realtors (MAAR) has reported some very interesting numbers over the last two months.  Sales are up.  Pricing is up and properties are moving quicker.  All of those are good signs for the Memphis market.