Memphis, TN 38104 Real Estate Market Report

ZIP Code: 38104
Report Date: May 2026
Market Temperature: NEUTRAL
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.

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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.

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Market Metrics

Note: 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.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

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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.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current market rates for 30-year fixed mortgages in Memphis, TN, are 6.34%, reflecting the prevailing interest rate environment for property owners in this area as of May 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The neighborhood's primary market value indicator is the median sold price, which is 310,000, and this representative recent sale level, together with a price year-over-year trend of flat, suggests balanced pricing pressure.

2. There is a measurable gap between median listing price (313,250) and median sold price (310,000), which may indicate modest seller optimism versus transaction prices and could create pricing friction in negotiations.

3. Extended time-to-contract is notable: the median days on market is 302, which signals slower sales velocity and may reflect soft liquidity or limited buyer urgency in this ZIP code.

4. Local market context shows neutral market temperature and flat rent year-over-year trend with interest rate pressure described as moderate and 30-year fixed rates at 6.34%, all of which support a cautiously balanced market where investors and owner-occupiers should expect moderate financing headwinds.

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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.

Memphis, TN 38104 Real Estate Market Report

ZIP Code: 38104
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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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.

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Market Metrics

Note: 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.

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Rental Market

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Property Taxes

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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.

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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.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current market rates for 30-year fixed mortgages in Memphis, TN, are 6.34%, reflecting the prevailing interest rate environment for property owners in this area as of May 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The primary market indicator, median sold price, is $139,900, which establishes recent transaction-level market value for the area and should be the baseline for pricing and appraisal decisions rather than asking prices.

2. There is a notable spread between the median listing price of $100,000 and the median sold price of $139,900, which may indicate pricing friction where seller expectations differ from recent transaction outcomes; consider pricing strategies or concessions to align offers with realized sale levels (softening seller expectations).

3. Market velocity is slow given the median days on market of 330, and combined with a reported relatively constrained active supply in the analyzed sample, this suggests moderate transaction velocity that may require longer marketing windows and targeted buyer outreach to close deals.

4. Valuation context is supported by a median price per square foot of 130 alongside a median market rent of $895; with price year-over-year trending flat and rent year-over-year also flat, and interest rate pressure noted as moderate (current 30-year fixed mortgage rate ~6.34%), underwriters and investors should factor stable income expectations and financing headwinds into underwriting and hold/sell decisions.

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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.