Memphis, TN 38109 Real Estate Market Report

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

---

Executive Overview

The median sold price in Memphis, TN (ZIP: 38109) is currently $86,500, reflecting a downward trend in the market. This indicates a shift in buyer sentiment and market dynamics, as the neighborhood has decreased 8% since 2022. The market is characterized by a neutral temperature, suggesting a balance between buyer and seller activity, yet the overall conditions are leaning towards a cooler market as evidenced by the increasing inventory levels and longer selling times.

Homes in this area are taking an average of 254 days on market, which signals slower sales velocity and may indicate potential pricing friction. With a median listing price of $93,900, there is a notable gap between asking prices and sold prices, suggesting that sellers may need to adjust expectations to align with current market realities. The rental market is also experiencing a slight year-over-year decrease in average rents, which further underscores the current market's cooling trend.

---

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 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.

---

Key Findings

1. The median sold price of $86,500 indicates a downward trend in property values.

2. Homes are taking an average of 254 days on market, reflecting slower sales velocity and potential pricing friction.

3. The median listing price of $93,900 shows a significant gap compared to sold prices, suggesting sellers may need to adjust expectations.

4. The market temperature is currently neutral, indicating a balance between buyer and seller activity.

5. Rental demand remains steady, but the median market rent of $1,365 has seen a slight year-over-year decrease, reflecting overall market softness.

---

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.