Memphis, TN 38104 Real Estate Market Report

ZIP Code: 38104
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Memphis, TN (ZIP: 38104) is $314,950, reflecting a stable market environment. This price indicates a modest appreciation trend, as the market is currently characterized by a neutral temperature, suggesting a balance between buyer and seller activity. The median listing price stands at $329,400, which creates a pricing friction that may affect buyer engagement due to the gap between asking and sold prices.

Market velocity appears to be slowing, with homes taking a median of 306 days on market before sale. This extended duration may indicate a shift towards a more cautious buying environment, influenced by elevated interest rate pressure affecting affordability. Despite these challenges, local economic indicators remain positive, supporting steady demand in the area.

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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.

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Key Findings

1. The median sold price of $314,950 suggests a stable market, with modest appreciation expected.

2. Homes are taking a median of 306 days on market, indicating a slower sales velocity and potential buyer hesitance.

3. The median listing price of $329,400 creates a noticeable gap with sold prices, which may lead to pricing friction in negotiations.

4. Market temperature is currently neutral, indicating balanced conditions between buyers and sellers.

5. Elevated interest rate pressure is impacting affordability, suggesting a need for buyers to be cautious in their purchasing 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.