Memphis, TN 38106 Real Estate Market Report

ZIP Code: 38106
Report Date: May 2026
Market Temperature: COLD
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.

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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

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.

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Market Trends & Context

Understanding Market Temperature

A Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the 38106 area average 6.34%, reflecting a stable market environment for property owners compared to earlier 2026 benchmarks.

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 neighborhood's primary market value indicator is the median sold price of $82,000, which, combined with a cold market temperature and a price year-over-year trend of down, suggests realized transaction values are under pressure.

2. There is a notable gap between the median listing price of $92,450 and the median sold price of $82,000, which may indicate pricing friction where seller expectations exceed recent transaction levels.

3. Liquidity appears slow: the median days on market is 316, which points to slower sales velocity and reduced transaction cadence rather than rapid turnover.

4. Rental dynamics provide a counterbalance for investors: the median market rent is $995 with rent year-over-year trend up, while interest rate pressure is elevated and local 30-year fixed mortgage rates average 6.34%, a combination that may encourage longer hold strategies rather than quick flips.

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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.