Memphis, TN 38109 Real Estate Market Report

ZIP Code: 38109
Report Date: February 2026
Market Temperature: COLD
Scope: Single-Family Residential (SFR) listings and comps only

---

Executive Overview

As of February 2026, the median sold price in Memphis, TN (ZIP: 38109) stands at $99,900, reflecting a notable shift in the market dynamics. The market has experienced a down trend in home prices, indicating a cooling sales environment. This decline in prices, coupled with elevated inventory levels, suggests that buyers are gaining leverage in negotiations. The median listing price is $100,000, which is closely aligned with the median sold price, indicating that sellers may be adjusting their expectations to match current market realities.

The market is characterized by a median days on market of 168 days, signaling a slower sales velocity and a potential increase in pricing friction. With moderate interest rates continuing to exert pressure on sales activity, the overall market temperature is classified as cold. Despite these challenges in the sales market, the rental market remains resilient, with a median market rent of $1,365, showing slight year-over-year increases, suggesting ongoing demand for rental properties in the area.

---

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.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the Memphis, TN area average around 5.75% to 6.00% as of late February 2026, which is 0.86% lower than the 6.87% average from one year ago.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

---

Key Findings

1. The median sold price is $99,900, indicating a down trend in home values.

2. With a median days on market of 168 days, the market is experiencing slower sales velocity.

3. Elevated inventory levels suggest excess supply relative to sales activity.

4. The median listing price of $100,000 is closely aligned with the median sold price, indicating realistic seller expectations.

5. The rental market shows resilience with a median market rent of $1,365, reflecting a slight year-over-year increase.

---

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.