Recently, on a conference call with my broker he mentioned that Memphis million dollar plus home sales were up 50% from 2011 to 2012 from 22 to 33. While the percentage gains is impressive, I think the base number is quite informative. That's a really small number. A realtor friend in Dallas works for a COMPANY that sells 1200 homes or so home a year with an average price of about a million. While some homes obviously drag that up even if 1/3 of the homes are million dollar homes then 1 company sells about as many million dollar homes in Dallas as are sold in Memphis in a year. I just did a search on the MLS and found 66 million dollar plus homes. 

What this practically means is that Memphis lacks a great variety of luxury homes. While it does have quite a few nice ones, if you're coming to Memphis with extremely personalized tastes or space requirements you should be prepared to need to either do a few additions or changes or build to suit.