Market Snapshot
- Median listing price
- $100K
- Median rent
- $950/mo
- Days on market
- 5 days
- Gross rental yield
- 11.40%
- STR vs LTR
- $2,143/mo STR · $950/mo LTR
The median listing price in Memphis, TN ZIP 38108 is $100,000 as of August 2026.
The median market rent in Memphis, TN ZIP 38108 is $950/month as of August 2026.
The median days on market in Memphis, TN ZIP 38108 is 5 days as of August 2026. The market is currently neutral.
At a median list price of $100,000 and a median rent of $950/month, the gross rental yield in Memphis, TN ZIP 38108 is 11.40% as of August 2026.
In Memphis, TN ZIP 38108, median Airbnb revenue is $2,143/month compared to median long-term rent of $950/month as of August 2026.
Memphis, TN 38108 Real Estate Market Report
ZIP Code: 38108
Report Date: August 2026
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.
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.
Market Metrics
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.
Rental Market
Property Taxes
Liquidity & Velocity
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 38108 area are averaging approximately 6.77%, reflecting a stable but elevated interest rate environment for property owners in this market.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
- The neighborhood's primary market value is represented by the median sold price of 92,500, which reflects recent transaction activity; the down price year-over-year trend suggests a softening price environment.
- The median listing price of 100,000 sits above the median sold price, which may indicate pricing friction between seller expectations and completed sales in the current market.
- Liquidity appears brisk given the median days on market of 5, while the market temperature being neutral suggests that quick turnover is occurring within a relatively balanced transaction pace.
- Rental and financing context: the median market rent of 950 and median price per square foot of 87.12, combined with elevated interest rate pressure (current 30-year fixed mortgage rates averaging approximately 6.77%), indicate financing costs are a headwind and may cap near-term price upside.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Quick sale indicating strong buyer demand and competitive market conditions.
Below-market acquisition. Investor purchase with value-add potential through renovation.
Sold at market average
Quick sale indicating strong buyer demand and competitive market conditions.
Quick sale indicating strong buyer demand and competitive market conditions.
Below-market acquisition. Investor purchase with value-add potential through renovation.
Sold below market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.66% rate, 1.1% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 8/4/2026
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