Memphis, TN 38104 Real Estate Market Report

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

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Executive Overview

As of February 2026, the Memphis, TN (ZIP: 38104) market is characterized by a median sold price of $335,950, reflecting a period of price normalization with a year-over-year trend indicating a decline. This suggests that while the market is currently experiencing downward pressure on home values, a modest appreciation is anticipated later in the year. The median days on market stands at 284 days, indicating slower sales velocity and a potential pricing friction as buyers take more time to make decisions in a more balanced environment between buyers and sellers.

Inventory levels are elevated, with a notable increase in active listings relative to sales activity. This excess supply may indicate a shift towards a more balanced market, although the current market temperature remains neutral. The median listing price of $320,000 suggests that sellers may be adjusting their expectations in response to the prevailing market conditions, as buyers navigate a landscape marked by elevated interest rate pressure, with current mortgage rates around 5.8% to 6.0%.

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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 30-year fixed mortgage rates in Memphis, TN around 5.8% to 6.0% are slightly lower than the recent 2026 average of 6.21%, presenting a minor cost opportunity for property owners.

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 median sold price of $335,950 reflects ongoing price normalization, with a potential for future appreciation.

2. With 284 days on the market, the sales velocity is slower, indicating a cautious buyer sentiment and longer decision-making periods.

3. Elevated inventory levels suggest excess supply relative to sales activity, which may lead to increased competition among sellers.

4. The median listing price of $320,000 indicates a pricing gap that sellers may need to address to attract buyers in a balanced market.

5. Current mortgage rates between 5.8% and 6.0% present a minor cost opportunity for property owners, despite overall elevated interest rate pressure.

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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.