Memphis, TN 38106 Real Estate Market Report

ZIP Code: 38106
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 real estate market in Memphis, TN (ZIP: 38106) reflects a median sold price of $67,500, indicating a market that has seen a slight downward trend in values. This aligns with the overall price year-over-year trend, which is reported as down. The current market conditions suggest a median days on market of 247, indicating slower sales velocity and a potential for pricing friction as buyers may take longer to make purchasing decisions amidst elevated inventory levels.

Despite the cooling market temperature, characterized as neutral, premium properties continue to maintain strong pricing, suggesting a segmentation in buyer activity. The median listing price stands at $79,450, revealing a notable gap between asking prices and sold prices, which may indicate seller expectations that are not fully aligned with current market realities. Overall, the market appears to be adjusting to rising inventory levels, which may lead to improved affordability as wage growth outpaces home price appreciation in certain areas.

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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 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 the Memphis market around 6.18% are slightly higher than the average 6.17% seen earlier in February 2026, indicating property owners locked in a marginally favorable rate.

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 $67,500 reflects a market under down pressure, indicating potential buyer hesitance.

2. With a median days on market of 247, the market is experiencing slower sales velocity, suggesting a need for sellers to adjust expectations.

3. The median listing price of $79,450 shows a significant gap compared to sold prices, indicating pricing friction in the market.

4. Current market temperature is neutral, suggesting a balanced market despite elevated inventory levels.

5. The median market rent of $1,365 is on the rise, indicating a potential shift towards increased rental demand in the area.

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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.