Memphis, TN 38111 Real Estate Market Report

ZIP Code: 38111
Report Date: February 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of February 2026, the real estate market in Memphis, TN (ZIP: 38111) is characterized by a median sold price of $156,000, reflecting a stable market environment with no significant fluctuations in pricing. The market has shown a flat year-over-year trend, indicating that while there is some stability, the potential for growth remains limited. The median days on market stands at 161, suggesting a slower sales velocity, which may indicate a shift towards a more balanced market as inventory levels rise.

The current median listing price of $196,625 reveals a notable gap compared to the sold prices, which may reflect seller expectations that are not fully aligned with buyer demand. This discrepancy, combined with elevated inventory levels, suggests that buyers may have more negotiating power in the current environment. Overall, the market appears to be navigating a transitional phase, with mixed signals from local economic conditions contributing to a cautious outlook.

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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

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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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 the Memphis market around 5.86% are notably lower than the recent 2026 average of 6.64% seen just a month prior.

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 of $156,000 indicates stable pricing, despite a flat year-over-year trend.

2. With a median days on market of 161, the market is experiencing slower sales velocity, suggesting a shift towards a more balanced environment.

3. The median listing price of $196,625 shows a significant gap compared to sold prices, indicating potential pricing friction for sellers.

4. Elevated inventory levels may provide buyers with increased negotiating power, as the market adjusts to changing economic signals.

5. The current property tax rate of 0.269% remains a factor for buyers considering long-term investment in the area.

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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.