Memphis, TN 38109 Real Estate Market Report

ZIP Code: 38109
Report Date: May 2026
Market Temperature: COLD
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

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.

---

Rental Market

---

Property Taxes

---

Liquidity & Velocity

---

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.

---

Key Findings

1. The primary market value indicator is the median sold price — 98,000 — which anchors recent transaction activity and, given the broader downward price trend, should be treated as the most reliable signal of current market value; down price momentum from broader metrics supports this interpretation.

2. The market shows prolonged time-to-sale with a median days on market of 210, which suggests slower transaction volume and reduced liquidity that may prolong negotiations and contingencies for sellers.

3. There is a modest seller-ask premium relative to realized transactions: the median listing price is 99,900 versus the median sold price of 98,000, which appears to indicate pricing friction where seller expectations are slightly above recently achieved transaction prices.

4. Macro and rental pressures are negative for near-term stability: the market temperature is cold, rent year-over-year trend is down, and interest rate pressure is elevated, all of which together point to softening demand and more cautious buyer behavior.

---

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.

Memphis, TN 38109 Real Estate Market Report

ZIP Code: 38109
Report Date: May 2026
Market Temperature: COLD
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo 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

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.

---

Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

---

Property Taxes

---

Liquidity & Velocity

---

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.

---

Key Findings

1. The primary indicator, median sold price, is $161,000, based on 83 analyzed sales and serving as the best representation of recent transaction-level market value in ZIP 38109.

2. The price year-over-year trend is down and the market temperature is cold, which combined with a $161,000 median sold price suggests a cooling market that may produce pricing concessions and slower sales velocity.

3. The neighborhood’s median market rent is $699 while the rent year-over-year trend is down, a signal that rental income growth is soft relative to the $161,000 median sold price and may reduce investor upside in the near term.

4. Interest rate pressure is elevated, and when paired with a cold market temperature and a $161,000 median sold price, this environment appears to increase buyer negotiating leverage and may require sellers to adjust pricing or offer incentives to maintain transaction momentum.

---