Memphis real estate vs inflation: did it beat the dollar?
229% × 46%
Updated June 1, 2026 · Redfin · BLS / FRED (CPIAUCNS)
Since 2013, Memphis real estate is up 229% while U.S. consumer prices rose 46%. Memphis real estate far outpaced inflation — but the ride was brutal: its worst drop was 23%. Figures in U.S. dollars.
Base 100 since 2013
Why compare Memphis home prices (US$/m²) and U.S. inflation (CPI-U)
Memphis is among the most affordable large U.S. metros, a Mid-South city on the Mississippi River whose economy is anchored by one of the world's busiest cargo airports and a vast logistics and distribution sector. Its housing has long ranked at the low end nationally, and the metro experienced a notable 2008-era downturn with elevated foreclosure activity before a slow recovery. Prices here have been shaped by local incomes and a large rental market more than by speculation. The figures below reflect the value of the property itself, separate from rent and carrying costs.
Returns by window
| Window | Memphis home prices (US$/m²) | U.S. inflation (CPI-U) |
|---|---|---|
| 1 year | -2% | 4% |
| 5 years | 11% | 24% |
| 10 years | 88% | 39% |
| since 2013 | 229% | 46% |
The price of return: risk
| Asset | Annual volatility | Worst drop |
|---|---|---|
| Memphis real estate | 22% | -23% |
| Inflation (CPI) | 1% | -2% |
$10,000 in each, since 2013
| Asset | Value today |
|---|---|
| Memphis real estate | $32,888 |
| Inflation (CPI) | $14,553 |
Frequently asked questions
Did Memphis real estate beat inflation?
Over the period, Memphis real estate returned 229% while U.S. consumer prices rose 46%. The gap is what the asset earned beyond simply keeping pace with the dollar.
Does this account for the dollar losing value?
Yes. The inflation line is U.S. CPI, the measure of how much purchasing power the dollar lost over the same period. Returns above that line are gains in real terms.
Does a higher return mean a better investment?
Not on its own. A higher return came with higher risk here — the volatility and the largest drop on this page show how much the value swung along the way.
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Descriptive, educational content computed from official public data. Not investment advice. Past performance does not guarantee future results.