Memphis, TN 38109 Real Estate Market Report

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

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Executive Overview

The median sold price in Memphis, TN (ZIP: 38109) is currently $98,000, reflecting a market that has experienced a down trend in prices year-over-year. This decrease suggests a potential adjustment in buyer expectations and market dynamics. With a median listing price of $105,000, there is a notable gap between asking and selling prices, which may indicate pricing friction as sellers adjust to current market realities.

Transaction activity appears to be moderate, with 176 days as the median days on market, suggesting slower sales velocity and increased buyer negotiation power. The market is characterized by elevated inventory levels, which may contribute to a more balanced market temperature, allowing buyers to explore options without immediate pressure. Overall, while rental rates are showing slight upward pressure at $1,365, the market remains cautious as it navigates these dynamics.

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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.

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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.

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Rental Market

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Property Taxes

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Liquidity & Velocity

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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 Memphis, TN around 6.01% are notably lower than the 6.87% average seen one year ago, presenting a cost opportunity for refinancing.

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

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Key Findings

1. The median sold price is $98,000, indicating a down trend in home values year-over-year.

2. With a median listing price of $105,000, there is significant pricing friction as sellers adjust expectations to align with market realities.

3. The median days on market stands at 176, reflecting slower sales velocity and giving buyers more negotiation power.

4. The market temperature is currently neutral, suggesting a balanced environment for both buyers and sellers.

5. Rental rates are experiencing slight upward pressure, with a median market rent of $1,365, indicating potential growth in rental demand.

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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.