Memphis, TN 38107 Real Estate Market Report

ZIP Code: 38107
Report Date: April 2026
Market Temperature: COLD
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Memphis, TN (ZIP: 38107) is currently $146,500, reflecting a market that has seen a down trend in prices. This indicates a decrease in market value, suggesting that sellers may need to adjust expectations to align with buyer sentiment. The market is characterized by 331 days on average for properties to sell, indicating slower sales velocity and a cooling market temperature.

Despite the declining home prices, rental demand remains robust, with a median market rent of $1,365. This suggests that while home sales are struggling, the rental market is experiencing a rising trend, which could attract investors looking for rental opportunities. Elevated inventory levels relative to sales activity further indicate a buyer's market, where excess supply may pressure prices downward.

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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 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 Memphis, TN are approximately 6.25% compared to an average of 5.37% in early 2026.

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 $146,500 indicates a market that is experiencing down pressure on home values.

2. With a median days on market of 331, the market is showing signs of slower sales velocity and extended listing periods.

3. The median market rent has increased to $1,365, reflecting a rising demand for rental properties amidst declining home sales.

4. The property tax rate stands at 2.69%, which may influence buyer affordability and investment decisions in the area.

5. Current mortgage rates are approximately 6.25%, which is elevated compared to earlier in the year, potentially impacting buyer purchasing power.

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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.