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Market Snapshot

Median listing price
$325K

The median listing price in Memphis, TN ZIP 38104 is $325,000 as of June 2026.

Median rent
$1,090/mo

The median market rent in Memphis, TN ZIP 38104 is $1,090/month as of June 2026.

Days on market
271 days

The median days on market in Memphis, TN ZIP 38104 is 271 days as of June 2026. The market is currently neutral.

Gross rental yield
4.02%

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.

STR vs LTR
$2,426/mo STR · $1,090/mo LTR

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

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.


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.

Analysis Window
90 Days
Total Properties Analyzed
181
Active Listings
110
Sold Properties
71

Market Metrics

Median Listing Price
$325,000
Median Sold Price
$187,500
Median Price per Sqft
$170/sqft

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

Median Market Rent
$1,090

Property Taxes

Property Tax Rate
1.75%

Liquidity & Velocity

Median Days on Market
271
Sale-to-List Ratio
100.0%

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.

Price YoY Trend
up
Market Temperature
neutral
Rent YoY Trend
flat
Interest Rate Pressure
elevated

Key Findings

  1. 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.
  2. 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.
  3. 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.
  4. 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

1544 Vinton Ave, Memphis, TN 38104
Top Sale

Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.

3 beds2 baths3,663 sqft
$775,000
Mar 1, 2026
$212/sqft/sqft
284 days on market
1387 Carr Ave, Memphis, TN 38104
Premium

Sold above market average

4 beds2 baths3,510 sqft
$695,000
May 1, 2026
$198/sqft/sqft
75 days on market
688 S Mclean Blvd, Memphis, TN 38104
Premium

Sold above market average

4 beds2 baths3,146 sqft
$669,900
Mar 1, 2026
$213/sqft/sqft
3728 days on market
2048 Harbert Ave, Memphis, TN 38104
Premium

Sold above market average

3 beds2 baths1,556 sqft
$299,000
Mar 1, 2026
$192/sqft/sqft
192 days on market
1912 Court Ave, Memphis, TN 38104
Value

Sold below market average

6 beds4 baths2,867 sqft
$295,000
Mar 1, 2026
$103/sqft/sqft
346 days on market
1962 Walker Ave, Memphis, TN 38104
Value

Sold below market average

4 beds2 baths2,408 sqft
$286,200
Apr 1, 2026
$119/sqft/sqft
490 days on market
135 N Cleveland St, Memphis, TN 38104
Value

Below-market acquisition. Investor purchase with value-add potential through renovation.

4 beds2 baths3,000 sqft
$155,000
May 1, 2026
$52/sqft/sqft
25 days on market
1448 Faxon Ave, Memphis, TN 38104
Value

Sold below market average

2 beds1 baths1,318 sqft
$97,500
Apr 1, 2026
$74/sqft/sqft

Investment Analysis

Compare rental income potential against ownership costs and benchmark against market averages.

Rent vs Cost to Own

Monthly rental income vs estimated ownership cost

-$186/mo
38104 Avg Rent
38104 Cost to Own
Rent$1,090
Own$1,276

20% down, 6.50% rate, 1.7% tax

Short-Term Rental

Avg nightly rate and occupancy for this ZIP

38104 Avg nightly rate
38104 Avg occupancy (days/year)
Nightly rate$157/night
Occupancy145 of 365 days

Data Sources

Real estate market data & public records, and GemHaus® proprietary models.

Report generated: 6/1/2026

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