Market Snapshot
- Median listing price
- $103K
- Median rent
- $1,100/mo
- Days on market
- 189 days
- Gross rental yield
- 12.76%
- STR vs LTR
- $2,629/mo STR · $1,100/mo LTR
The median listing price in Memphis, TN ZIP 38109 is $103,450 as of June 2026.
The median market rent in Memphis, TN ZIP 38109 is $1,100/month as of June 2026.
The median days on market in Memphis, TN ZIP 38109 is 189 days as of June 2026. The market is currently cold.
At a median list price of $103,450 and a median rent of $1,100/month, the gross rental yield in Memphis, TN ZIP 38109 is 12.76% as of June 2026.
In Memphis, TN ZIP 38109, median Airbnb revenue is $2,629/month compared to median long-term rent of $1,100/month as of June 2026.
Memphis, TN 38109 Real Estate Market Report
ZIP Code: 38109
Report Date: June 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 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
- The primary market signal is the median sold price of $97,000, which represents the most reliable indicator of recent transaction value and suggests a market where completed sales are tracking below asking expectations (soft pricing).
- There is a meaningful gap between the median listing price of $103,450 and the median sold price of $97,000, which may indicate pricing friction where seller expectations exceed realized sale prices and could prolong negotiations or renegotiation activity.
- Liquidity appears muted: a median days on market of 189 points to slower sales velocity and, combined with a market temperature classified as cold, suggests weaker transaction momentum despite sample indications of relatively constrained active supply.
- Rental dynamics show a median market rent of $1,100 with rent year-over-year trend reported as down; interest rate pressure is noted as moderate, which together may temper investor acquisition appetite and support cautious underwriting for both SFR and condominium investments.
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.
Sold at market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold below market average
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, 6.50% rate, 1.7% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 6/1/2026
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