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 median sold price in Memphis, TN (ZIP: 38107) stands at $140,000, reflecting a market that has shown signs of cooling. The neighborhood has decreased 8% since 2022, indicating a shift in buyer sentiment and potential pricing adjustments. The overall market is characterized by elevated inventory levels, with longer median days on market averaging 296 days, suggesting a slower sales velocity and a potential mismatch between seller expectations and buyer demand.

Despite these challenges, the market temperature remains neutral, indicating a balance between supply and demand. The median listing price is $160,000, which creates a notable gap compared to the median sold price, further emphasizing the current pricing friction. Additionally, the median market rent has increased to $1,365, hinting at a strengthening rental market, which may provide some support to home prices in the long term as affordability improves with wage growth outpacing home price appreciation in certain segments.

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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 Memphis, TN, around 6.1% are notably lower than the 2026 historical average of 6.9% for the area, presenting a refinancing advantage.

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. $140,000 is the median sold price, reflecting a 8% decrease since 2022, indicating potential pricing adjustments in the market.

2. The median days on market is 296 days, suggesting a slower sales velocity and elevated inventory levels relative to sales activity.

3. With a median listing price of $160,000, there is a significant pricing gap compared to the median sold price, indicating pricing friction in the market.

4. The median market rent has risen to $1,365, suggesting a strengthening rental market that may support home prices in the future.

5. The current interest rate pressure is described as moderate, which may influence buyer affordability and market dynamics.

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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.