Best First Time Buyer Neighborhoods Part 1: 38119

Dated: March 19 2021

Views: 294

There are so many great neighborhoods for first time buyers in the Memphis area and 38119 is one of the most affordable zip codes in all of Memphis. Since January 1st of 2019, 543 homes priced between $100,000 and $300,000 have sold in 38119. Since our market is extremely competitive in this price range, knowing where the best neighborhoods are located gives you a leg up on the competition! How? You know exactly where to look before the houses even come on the market!

The neighborhoods discussed in the video are:

1. Andover: Located between Kirby Rd and Five Colonies off of Quince. Only 4 homes sell per year on average in this neighborhood and they all sell very quickly, making it one of the most competitive neighborhoods in 38119 for both investors and owner occupant buyers.

Stats - Average Price: $170,000 ; High: $202,000 ; Low: $102,000 ; Price Per Sq Ft: $92 ; Average Days on Market: 45 ; 11 homes sold since January 2019

Andover, neighborhood in 38119

2. Balmoral Estates: Located between I-240 and 385 off of Quince Rd and Ridgeway near Hutchison and MUS. Roughly 13 homes sell in this neighborhood every year, so buyers have about 1 home every month to capitalize on!

Stats - 29 Sales, Average Price: $207,000; High: $292,500; Low: $152,500; Average Price Per Sq Ft: $102; Average Days on Market: 30

 Balmoral Estates, neighborhood in 38119

3. Brielie: Located off of Riverdale and Crestridge. Only 8 homes sell in this neighborhood every year so you have to keep an eye out if you want to be over here!

Stats - Average Price: $225,000; High: $300,000; Low: $152,000; Average Price Per Sq Ft: $87 (extremely affordable!); Sales: 19 since 2019

 Brierlie, neighborhood in 38119

4. Glenkindie: Small neighborhood located behind Westminster Academy off of Ridgeway Rd. 8 homes sell every year in this neighborhood!

Stats - Average Price: $199,000; High: $274,000; Low: $148,000; Average Price Per Sq Ft: $90; 17 sales since 2019

 Glenkindie, neighborhood in 38119

5. Keswick: Keswick is found in multiple areas near Quince, Messick, Stout, and Kirby. Located near May ParkQuince Church of Christ, and Germantown Christian Center. With around 33 sales per year, you can expect about 3 homes to hit the market every single month, making this one of the best neighborhoods for first time buyers to consider during this competitive real estate market. Keep your eyes open and you're sure to find a great home in Keswick!

Stats - Average Price: $219,000; High: $300,000; Low: $100,000; Average Price Per Sq Ft: $90; Sales: 73; Sales per year: 33.

 Keswick, neighborhood in 38119

6. Kirby Woods: Kirby Woods is not just a great neighborhood for first time home buyers, but also move up buyers and luxury home buyers. Since it is a great overall location for home buyers of all types, this makes Kirby Woods an amazing neighborhood for first time buyers because the values will continually increase over time! Located near Ridgeway High School MUS, and Hutchison. Click here to search for homes in Kirby Woods.

Stats - Average Price: $277,000; High: $292,000; Low: $245,000; Average Price Per Sq Ft: $107; Average Days on Market: 34; Sales since 2019: 12; Sales per year under $300,000: 5 (very, very competitive)

7. Lynnfield: Lynnfield is a small neighborhood near Balmoral Estates between I-240 and 385.

Stats - Average Price: $194,000; High: $263,000; Low: $150,000; Average Price Per Sq Ft: $93; Average Days on Market: 13; Sales since 2019: 18;  Sales per year: 8

Lynnfield, 38119 affordable homes neighborhood Memphis

8. Marlboro Estates: Marlboro Estates is another small neighborhood with ample opportunity for home buyers between I-240 and 385. With 41 sales under $300,000 over the past 2 years, buyers can expect multiple homes to hit the market in this neighborhood every month.

Stats - Average Price: $192,000; High: $265,000; Low: $110,000; Average Price Per Sq Ft: $87 (affordable); Average Days on Market: 26; Sales since 2019: 41; Sales per year: 18

Marlboro Estates affordable neighborhood under $300,000 in east memphis 38119

9. McVay Place: McVay Place is a phenomenal neighborhood with a lot of upside for potential home buyers. Many of the homes in this neighborhood are being renovated and bringing up the home values! Located off of Crestridge Rd in 38119.

Stats - Average Price: $185,000; High: $245,000; Low: $140,000; Average Price Per Sq Ft: $100; Average Days on Market: 24; Sales since 2019: 14; Sales per year: 6 (super competitive if a home hits the market).

McVay Place super affordable neighborhood with renovated homes for under $300,000 in Memphis Tn 38119

10. Yorkshire: You do NOT want to miss out on owning a home in the Yorkshire neighborhood. This is arguably the best neighborhood for first time home buyers because of its location and price point. Homes in this area appreciate every single year, and there are many homes being renovated and built over here! With 60 homes selling for $300,000 or less over the past 2 years, multiple homes hit the market every single month under the $300,000 price point. Located near St Francis Hospital, Sea Isle Park, and so much more!

Stats - Average Price: $215,000; High: $300,000; Low: $115,000; Average Price Per Sq Ft: $115; Average Days on Market: 31; Sales since 2019: 60; Homes per year: 26

Yorkshire, best first time buyer neighborhood in memphis homes under $300,000 new construction and renovations Memphis TN 38119

11. Colonial Acres: Okay, I know this is the one everybody has been waiting for. Colonial Acres is THE BEST neighborhood for first time home buyers in East Memphis. Over the past 2 years over 700 homes have sold in the Colonial Acres area and 75 of those have been on the 38119 side. Seriously, if you are looking for an affordable home in an area that is continuing to rise in value, Colonial Acres is the place to be. Located near Sea Isle Park, Sea Isle Elementary, and literally everything else in East Memphis.

Stats - Average Price: $200,000; High: $300,000; Low: $105,000; Average Price Per Sq Ft: $120, Average Days on Market: 23; Sales since 2019: 78; Sales per year: 35

colonial acres best neighborhood in east memphis affordable renovated homes under $300,000 in 38119 Memphis TN

Are you interested in buying a home in 38119? Well, you definitely should be! 

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William Flowers

I have grown up in the Memphis area for the majority of my life and grew up going to Germantown Baptist Church as a kid. My relationship with Christ has given me a deep desire to help my community and....

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