Memphis, TN 38106 Real Estate Market Report

ZIP Code: 38106
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: 38106) currently stands at $66,750, reflecting a market that has seen a slight decline in recent months. This decrease suggests a shift in buyer sentiment and may indicate that sellers are adjusting expectations in response to changing market dynamics. The overall market is characterized by elevated inventory levels and longer days on market, with properties averaging 305 days before sale, which points to slower sales velocity and a more balanced market environment.

Despite the recent price adjustments, the rental market remains steady, with a median market rent of $1,365. However, rental growth appears to be down, indicating a renter-friendly environment. The current interest rate pressure is elevated, with 30-year fixed mortgage rates averaging 6.38%, which is slightly lower than the previous year. This may contribute to the overall market cooling, as potential buyers face higher borrowing costs, impacting their purchasing power and willingness to engage in the market.

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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

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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 are averaging 6.38%, which is 0.27% lower than the 6.65% average from March 2025.

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 $66,750 indicates a market adjusting to buyer expectations amid recent declines.

2. Properties are experiencing a median days on market of 305, suggesting slower sales velocity and a shift towards a more balanced market.

3. Rental demand remains steady with a median market rent of $1,365, although rental growth is down, indicating a renter-friendly environment.

4. The market temperature is currently neutral, reflecting balanced conditions between buyers and sellers.

5. Elevated interest rate pressure, with current mortgage rates at 6.38%, may be contributing to the overall market cooling and impacting buyer activity.

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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.