Market Snapshot
- Median listing price
- $325K
- Median rent
- $1,090/mo
- Days on market
- 271 days
- Gross rental yield
- 4.02%
- STR vs LTR
- $2,426/mo STR · $1,090/mo LTR
The median listing price in Memphis, TN ZIP 38104 is $325,000 as of June 2026.
The median market rent in Memphis, TN ZIP 38104 is $1,090/month as of June 2026.
The median days on market in Memphis, TN ZIP 38104 is 271 days as of June 2026. The market is currently neutral.
At a median list price of $325,000 and a median rent of $1,090/month, the gross rental yield in Memphis, TN ZIP 38104 is 4.02% as of June 2026.
In Memphis, TN ZIP 38104, median Airbnb revenue is $2,426/month compared to median long-term rent of $1,090/month as of June 2026.
Memphis, TN 38104 Real Estate Market Report
ZIP Code: 38104
Report Date: June 2026
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.
Market Overview
This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Market Metrics
The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.
Rental Market
Property Taxes
Liquidity & Velocity
Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.
Market Trends & Context
Understanding Market Temperature
A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.
Key Findings
- The primary market indicator is the median sold price: 187,500, which anchors recent transaction values and suggests realized market value is notably lower than asking expectations in the area.
- Listing behavior shows a price disconnect: the median listing price: 325,000 appears elevated relative to recent sales and may indicate seller price optimism or pricing friction that could slow negotiations.
- Liquidity reads slower: the median days on market: 271 points to extended marketing times and suggests slower sales velocity, even as market temperature is described as neutral and overall conditions remain balanced.
- Market fundamentals show mixed signals for investors and occupiers: median price per square foot: 170 and median market rent: 1,090 provide the current unit-level pricing context while broader trends—price year-over-year trend is up, rent year-over-year trend is flat, and interest rate pressure is elevated—suggest financing costs are a near-term constraint on affordability.
Notable Properties
The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold above market average
Sold above market average
Sold below market average
Sold below market average
Below-market acquisition. Investor purchase with value-add potential through renovation.
Sold below market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.50% rate, 1.7% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 6/1/2026
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