Memphis, TN 38107 Real Estate Market Report

ZIP Code: 38107
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 Memphis housing market reflects a median sold price of $136,000, indicating a notable shift in market dynamics. The neighborhood has decreased 8% since 2022, suggesting a downward trend in property values. This decline, coupled with a median listing price of $159,000, highlights a significant gap between seller expectations and actual transaction values, potentially leading to pricing friction in negotiations.

Market activity is characterized by elevated inventory levels, with 287 median days on market indicating slower sales velocity. This extended time frame for properties to sell may suggest a cooling demand, further exacerbated by a neutral market temperature. The current median market rent stands at $1,365, which, along with a moderate interest rate pressure environment, may provide some relief to buyers but also reflects a broader trend of decreasing rental rates. Overall, the market appears to be in a transitional phase, with excess supply relative to sales activity, creating opportunities for buyers while posing challenges for sellers.

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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 5.84% are lower than the 6.20% average rate seen earlier in 2026, presenting a cost-saving opportunity for recent refinancers.

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. Median sold price is $136,000, reflecting a market that has decreased 8% since 2022.

2. Median listing price of $159,000 indicates a significant gap between seller expectations and actual sales, leading to potential pricing friction.

3. Properties are experiencing a median days on market of 287, suggesting slower sales velocity and extended time frames for transactions.

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

5. Median market rent is $1,365, which is part of a broader trend of decreasing rental rates.

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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.