Here's what you can get for $650,000 in Memphis, Tennessee

Memphis, Tennessee, has a lot to offer a homebuyer.

The state’s second-largest city is known for its food and music scenes. It’s also home to tourist attractions like Elvis Presley’s Graceland and major businesses like FedEx and AutoZone.

As in many communities, the coronavirus pandemic has slowed the number of homes hitting the market in Memphis and led to a drop in contracts. The number of houses sold in the Memphis area last month was down 5.3% from August 2019, according to the Memphis Area Association of Realtors.

However, the lack of inventory has helped drive up prices. The median sale price increased 9.9% year-over-year, from $155,000 in August 2019 to $170,400 last month, according to the Realtors group.

Here’s a look at what you can get with a $650,000 budget in Memphis:

Mud Island - $635,000

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This home offers water views of the nearby riverfront park.

The 3,000-square-foot residence includes four bedrooms and four bathrooms, according to the listing with Alicia Teeter of Keller Williams Realty.

The home features dual master suites, one on the ground floor and one upstairs with a private balcony overlooking the Mississippi River. It has hardwood floors, a fireplace and an updated kitchen with granite counters and a walk-in pantry.

A private courtyard includes a hot tub. The home is located on a peninsula that also includes attractions like a park, amphitheater and museum.

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Central Gardens - $629,000

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This property is located in a central, historic neighborhood known for its architecture.

The 4,000-square-foot home includes five bedrooms, three bathrooms and one half-bath, according to the listing with Jeanne Arthur of Crye-Leike.

Built in 1912, the house has been updated, but still maintains lots of historic elements including its big front porch with a swing and ornate details inside.

The downstairs master bedroom includes a dual vanity bathroom and two walk-in closets. The kitchen features a large granite island and a wet bar. There are two fireplaces. Out back, there’s a patio and a gated yard.

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Princeton Forest - $615,000

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This home sits on a cul-de-sac near the Greenline, a former railroad turned into a walking and cycling trail with shops and restaurants.

The 3,447-square-foot residence includes four bedrooms and four bathrooms, according to the listing with Marilyn Johnson of Kaizen Realty.

The 2007-built house centers around a bright great room with a fireplace and a beamed, vaulted ceiling that opens to the kitchen and its serving bar.

The master suite includes a luxurious tub and two large closets. There’s also a game room.

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