Market Snapshot
- Median listing price
- $322K
- Median rent
- $1,150/mo
- Days on market
- 332 days
- Gross rental yield
- 4.28%
- STR vs LTR
- $2,468/mo STR · $1,150/mo LTR
The median listing price in Memphis, TN ZIP 38104 is $322,450 as of July 2026.
The median market rent in Memphis, TN ZIP 38104 is $1,150/month as of July 2026.
The median days on market in Memphis, TN ZIP 38104 is 332 days as of July 2026. The market is currently neutral.
At a median list price of $322,450 and a median rent of $1,150/month, the gross rental yield in Memphis, TN ZIP 38104 is 4.28% as of July 2026.
In Memphis, TN ZIP 38104, median Airbnb revenue is $2,468/month compared to median long-term rent of $1,150/month as of July 2026.
Memphis, TN 38104 Real Estate Market Report
ZIP Code: 38104
Report Date: July 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.
Current Mortgage Rate Context
Market-level mortgage rate comparison for this area:
Current 30-year fixed mortgage rates in Memphis, TN, are averaging 6.63%, reflecting a stable market environment for property owners compared to earlier 2026 fluctuations.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
- The primary indicator, median sold price, is $188,000, which anchors market value for recent transactions and aligns with a down price year-over-year trend—this suggests realized transaction prices are softening compared with prior periods.
- The median listing price is $322,450, producing a sizable spread versus the median sold price that may indicate pricing friction and that seller expectations are generally higher than recent transaction levels.
- The median days on market is 332, reflecting slower sales velocity and longer holding periods; combined with a neutral market temperature, this appears to be a balanced market with measured liquidity rather than a clearly one-sided environment.
- Median market rent is $1,150 while interest rate pressure is elevated (current 30-year fixed rates averaging 6.63%), which may constrain buyer affordability and reinforce slower turnover in the near term.
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 at market average
Sold at market average
Sold above market average
Sold above market average
Sold below market average
Sold below market average
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, 6.49% rate, 1.4% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 7/10/2026
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