Memphis, TN 38111 Real Estate Market Report

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

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Executive Overview

The real estate market in Memphis, TN (38111) as of April 2026 is characterized by a median sold price of $150,000, reflecting a stable market with slight price appreciation. This indicates a balanced environment where buyers and sellers can negotiate effectively. The market has remained relatively flat year-over-year, suggesting that while prices have not dramatically increased, they have also not declined, indicating a period of stability.

Transaction activity is moderate, with median days on market at 245, signaling slower sales velocity and longer wait times for properties to sell. The current inventory levels are elevated, leading to excess supply relative to sales activity, which may indicate emerging buyer advantages. As a result, sellers may need to adjust their expectations to align with current market conditions, particularly given the median listing price of $192,500, which shows a notable gap compared to the sold prices. This discrepancy could lead to pricing friction as buyers weigh their options in a more balanced market.

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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 Memphis, TN are averaging 6.38%, which is 0.27% higher than the average rate of 6.11% seen in early 2025.

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 $150,000 reflects a stable market with slight price appreciation, indicating a balanced environment for transactions.

2. With median days on market at 245, the market is experiencing slower sales velocity, suggesting longer wait times for properties to sell.

3. The median listing price of $192,500 shows a significant gap from the sold price, which may create pricing friction for sellers in the current market.

4. Elevated inventory levels indicate excess supply relative to sales activity, potentially giving buyers more negotiating power.

5. The median market rent of $1,365 has shown an upward trend, suggesting steady rental demand, particularly for well-maintained properties.

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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.