Market Snapshot
- Median listing price
- $120K
- Median rent
- $1,025/mo
- Days on market
- 271 days
- Gross rental yield
- 10.26%
- STR vs LTR
- $1,597/mo STR · $1,025/mo LTR
The median listing price in Memphis, TN ZIP 38114 is $119,900 as of June 2026.
The median market rent in Memphis, TN ZIP 38114 is $1,025/month as of June 2026.
The median days on market in Memphis, TN ZIP 38114 is 271 days as of June 2026. The market is currently neutral.
At a median list price of $119,900 and a median rent of $1,025/month, the gross rental yield in Memphis, TN ZIP 38114 is 10.26% as of June 2026.
In Memphis, TN ZIP 38114, median Airbnb revenue is $1,597/month compared to median long-term rent of $1,025/month as of June 2026.
Memphis, TN 38114 Real Estate Market Report
ZIP Code: 38114
Report Date: June 2026
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.
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
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
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.
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 are averaging 6.53%, reflecting a stable interest rate environment for property owners compared to recent 2026 benchmarks.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
- $92,500 median sold price is the best indicator of realized market value in 38114 and, paired with a up year-over-year price trend, suggests recent transaction-level appreciation despite mixed market signals.
- $119,900 median listing price exceeds the median sold price, which may indicate seller expectations are higher than achieved transaction prices and could create pricing friction between list and sale levels.
- 271 median days on market points to slower sales velocity and prolonged negotiation windows, which may indicate soft near-term liquidity even as prices trend upward.
- Current 30-year fixed mortgage rates averaging 6.53% and an elevated interest rate pressure backdrop, combined with a 1,025 median market rent and a neutral market temperature, suggest financing costs are a caution for buyers while rental levels remain flat.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold below market average
Sold below market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.53% rate, 1.5% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 6/1/2026
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