Market Snapshot
- Median listing price
- $95K
- Median rent
- $1,000/mo
- Days on market
- 298 days
- Gross rental yield
- 12.64%
- STR vs LTR
- $2,211/mo STR · $1,000/mo LTR
The median listing price in Memphis, TN ZIP 38106 is $94,900 as of July 2026.
The median market rent in Memphis, TN ZIP 38106 is $1,000/month as of July 2026.
The median days on market in Memphis, TN ZIP 38106 is 298 days as of July 2026. The market is currently neutral.
At a median list price of $94,900 and a median rent of $1,000/month, the gross rental yield in Memphis, TN ZIP 38106 is 12.64% as of July 2026.
In Memphis, TN ZIP 38106, median Airbnb revenue is $2,211/month compared to median long-term rent of $1,000/month as of July 2026.
Memphis, TN 38106 Real Estate Market Report
ZIP Code: 38106
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
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 6.56%, reflecting a stable market environment compared to the 6.16% average observed earlier in 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
- The primary market value indicator is the median sold price of $87,000, which reflects recent transaction activity and suggests modest price levels for SFR and condo sales in 38106; up year-over-year price momentum supports cautious optimism.
- There is a persistent spread between the median listing price of $94,900 and the median sold price of $87,000, which may indicate seller pricing expectations exceed recent transaction levels and could create pricing friction for some listings; neutral market temperature suggests this gap is not driving one-sided market dynamics.
- Liquidity appears slow based on the median days on market of 298, which points to extended listing periods and slower sales velocity for homes that do transact; combined with elevated interest rate pressure, this may prolong time-to-contract for price-sensitive buyers — elevated interest rate pressure is present.
- Inventory sampled in the dataset shows elevated inventory relative to sales activity, which may be contributing to the longer days on market and the listing-to-sale price gap; landlords and investors should note the median market rent of $1,000 and the median price per square foot of $72.68 when modeling rent/price comparisons, while monitoring the up rent year-over-year trend for income potential.
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 above market average
Sold above market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold at 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, 1.3% 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
Get personalized market intelligence
Explore real-time property analysis in Memphis, TN: valuations, rental estimates, costs, and pro-forma projections.