Memphis is a city located along the Mississippi River in the southwestern corner of the U.S. state of Tennessee. With an estimated 2016 population of 652,717, it is the cultural and economic center of West Tennessee and the greater Mid-South region that includes portions of neighborhing Arkansas and Mississippi. Memphis is the seat of Shelby County, the most populous county in Tennessee. Approximately 315 square miles in area, Memphis is one of the most expansive cities in the United States and features a wide variety of landscapes and distinct neighborhoods.
Memphis was founded in 1819 as a planned city by a group of wealthy Americans including John Overton and future president Andrew Jackson. The plantation economy of the Antebellum South established Memphis as a major domestic trading post for African-American slave labor and agricultural commodities, especially cotton. Memphis seceded with Tennessee in 1861 during the American Civil War but was recaptured by Union forces in 1862 and occupied for the duration of the war. Home to Tennessee's largest African-American population, Memphis played a prominent role in the American civil rights movement and was the site of Dr. Martin Luther King, Jr.'s 1968 assassination. The city now hosts the National Civil Rights Museum - a Smithsonian affiliate institution. Since the civil rights era, Memphis has forged forward to become one of the nation's leading commercial centers in transportation and logistics. The city's largest employer is the multinational courier corporation FedEx, which maintains its global air hub at Memphis International Airport, making it the second-busiest cargo airport in the world.
Today, Memphis is a regional center for commerce, education, media, art, and entertainment. The city has long had a prominent music scene, with historic blues clubs on Beale Street originating the unique Memphis blues sound during early 20th century. The city's music has continued to be shaped by a mix of African-American and White influences across the blues, country, rock n' roll, soul, and hip-hop genres. Memphis barbecue has achieved international prominence due to the World Championship Barbecue Cooking Contest, which attracts over 100,000 visitors to the city annually. Continued social and economic problems in the city have resulted in persistently high rates of crime and poverty in recent decades. Unlike most major American cities, Memphis is currently experiencing depopulation.
A total commission of 6.0% is typically asked for by “full service” Agents working for the big national real estate firms in Memphis, Tennessee. 70% of Sellers list with the first Agent they speak to, and we find that most Sellers who agree to pay a full 6.0% commission do not realize that real estate commissions are NEGOTIABLE!
The national average total real estate commission in 2015 was 5.26% *
In Memphis, Tennessee, you will find the following real estate commissions charged*:
Typical Asking Commission: 6.0%
Competitive Commission: 5.0%-5.5%%
Very Competitive Commission: 4.5%-4.99%
The median existing single-family home price in the South rose 6.7%, to $229,400, in the second quarter of 2017 compared to the the second quarter of 2016. Median sales prices for existing homes in the state's Major Metropolitan Areas are as follows:
In the State of Tennessee, median home prices are as follows*:
|Metro Area||Median Sales Price||% of Annual Change|
Real Estate Commissions are split between the listing Agent (who works for you to sell your home) and what will be offered on the MLS to any Agent that brings a Buyer to buy your home. In a typical 6% total commission, the listing Broker is paid 3% and 3% is offered on the MLS to all Agents working with Buyers (so they can see what they will earn if they bring their Buyer to your home and complete the sale).
In a competitive commission structure, ranging from 5% to 5.5%, the listing Agent agrees to a listing commission of 2% to 2.5%, and they will recommend that they offer, on the MLS, a commission of 2.5% to 3.0% to the Buyer’s Agent. Your Agent will usually tell you that if they offer less than 2.5% on the MLS that your home “won’t be shown”. This makes sense, in that, all things being equal, the Buyer’s Agent will want as big a payday as possible when they find the right home for their client. This is also especially true if market conditions favor Buyers in a so-called “Buyer’s Market” (high inventory levels in a period of unstable prices).
When you meet with your listing Agent, also remember that, unless they are a “Broker/Owner”, they will have to split their commission with their employing Broker. High producing Agents can work up to getting 90% of the listing commission from their Broker, but typically less experienced Agents may only receive 50% of the listing commission.
At ListingBidder.com, we first negotiate on your behalf a competitive real estate commission structure with HIGHLY EXPERIENCED, HIGHLY RECOMMENDED Agents who know your LOCAL market (even YOUR NEIGHBORHOOD); each ready to bid for your business. These Agents are not just ordinary Agents as many of them are broker/owners and they have the best ability to negotiate their commissions and be competitive, in part because they do not have to share their listing commission with the brokerage firm. This is a direct benefit to you and will save you thousands of dollars in real estate commission fees over the typical fees in Tennessee.
Sellers who are also buying a home in the same local market have a volume discount advantage. ListingBidder can use this opportunity to negotiate an even better real estate commission rate fee on the sale of your home because the Agent will be more willing to give a deeper discount (a very competitive rate) knowing there is additional commission being earned on the purchase of another home. Be sure to check the box that you are also buying a home locally to receive these better rates.
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For historical population data, see: History of Memphis, Tennessee. According to the 2006–2008 American Community Survey, the racial composition of the city of Memphis was:
As of the 2010 United States Census, there were 652,078 people and 245,836 households in the city. The population density was 2,327.4 people per sq mi (898.6/km2). There were 271,552 housing units at an average density of 972.2 per sq mi (375.4/km2). The racial makeup of the city was 63.33% African American, 29.39% White, 1.46% Asian American, 1.57% Native American, 0.04% Pacific Islander, 1.45% from other races, and 1.04% from two or more races. Hispanic or Latino of any race were 6.49% of the population.
The median income for a household in the city was $32,285, and the median income for a family was $37,767. Males had a median income of $31,236 versus $25,183 for females. The per capita income for the city was $17,838. About 17.2% of families and 20.6% of the population were below the poverty line, including 30.1% of those under age 18, and 15.4% of those age 65 or over. In 2011, the U.S. Census Bureau ranked the Memphis area as the poorest large metro area in the country. Dr. Jeff Wallace of the University of Memphis noted that the problem was related to decades of segregation in government and schools. He said that it was a low-cost job market, but other places in the world could offer cheaper labor, and the workforce was undereducated for today's challenges.
The Memphis Metropolitan Statistical Area (MSA), the 42nd largest in the United States, has a 2010 population of 1,316,100 and includes the Tennessee counties of Shelby, Tipton and Fayette; as well as the northern Mississippi counties of DeSoto, Marshall, Tate, and Tunica; and Crittenden County, Arkansas, all part of the Mississippi Delta.
The total metropolitan area has a higher proportion of whites and a higher per capita income than the population in the city. The 2010 census shows that the Memphis metro area is close to a majority-minority population:
the white population is 47.9 percent of the eight-county area's 1,316,100 residents. The non-Hispanic white population, a designation frequently used in census reports, was 46.2 percent of the total. The African American percentage was 45.7. For several decades, the Memphis metro area has had the highest percentage of black population among the nation's large metropolitan areas. The area has seemed on a path to become the nation's first metro area of one million or more with a majority black population.
In a reverse trend of the Great Migration, numerous African Americans and other minorities have moved into DeSoto County, and blacks have followed suburban trends, moving into the suburbs of Shelby County.
The city's central geographic location has been strategic to its business development. Located on the Mississippi River and intersected by five major freight railroads and two Interstate Highways, I-40 and I-55, Memphis is ideally located for commerce in the transportation and shipping industry. Its access by water was key to its initial development, with steamboats plying the Mississippi river. Railroad construction strengthened its connection to other markets to the east and west.
Since the second half of the 20th century, highways and interstates have played major roles as transportation corridors. A third interstate, I-69, is under construction, and a fourth, I-22, has recently been designated from the former High Priority Corridor X. River barges are unloaded onto trucks and trains. The city is home to Memphis International Airport, the world's second busiest cargo airport (following Hong Kong). Memphis serves as a primary hub for FedEx Express shipping.
As of 2014, Memphis was the home of three Fortune 500 companies: FedEx (no. 63), International Paper (no. 107), and AutoZone (no. 306).
Other major corporations based in Memphis include Allenberg Cotton, American Residential Services (also known as ARS/Rescue Rooter); Baker, Donelson, Bearman, Caldwell & Berkowitz; Cargill Cotton, City Gear, First Horizon National Corporation, Fred's, GTx, Lenny's Sub Shop, Mid-America Apartments, Perkins Restaurant and Bakery, ServiceMaster, True Temper Sports, Varsity Brands, and Verso Paper. Corporations with major operations based in Memphis include Gibson guitars (based in Nashville), and Smith & Nephew.
The Federal Reserve Bank of St. Louis also has a branch in Memphis.
The entertainment and film industries have discovered Memphis in recent years. Several major motion pictures, most of which were recruited and assisted by the Memphis & Shelby County Film and Television Commission, have been filmed in Memphis, including Making the Grade (1984), Elvis and Me (1988), Great Balls of Fire! (1988), Heart of Dixie (1989), Mystery Train (1989), The Silence of the Lambs (1991), Trespass (1991), The Gun in Betty Lou's Handbag (1992), The Firm (1993), The Delta (1996), The People Vs. Larry Flynt (1996), The Rainmaker (1997), Cast Away (2000), 21 Grams (2002), A Painted House (2002), Hustle & Flow (2005), Forty Shades of Blue (2005), Walk the Line (2005), Black Snake Moan (2007), Nothing But the Truth (2008), Soul Men (2008), and The Grace Card (2011). The Blind Side (2009) was set in Memphis but filmed in Atlanta. The 1992 television movie Memphis, starring Memphis native Cybill Shepherd, who also served as executive producer and writer, was also filmed in Memphis.