Memphis, TN 38114 Real Estate Market Report

ZIP Code: 38114
Report Date: February 2026
Market Temperature: COLD
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Memphis, TN (ZIP: 38114) is currently $94,500, reflecting a significant decline in market value. This downward trend indicates a decrease in overall pricing dynamics, suggesting that buyers may have more negotiating power in the current environment. The market has shown signs of cooling, with median days on market extending to 279 days, which points to slower sales velocity and a potential oversupply of listings relative to demand.

Inventory conditions are characterized by elevated levels, as the number of active listings surpasses the number of sold properties analyzed. This excess supply relative to sales activity may indicate a challenging environment for sellers, as buyers are likely to be more selective. The median listing price stands at $108,000, creating a notable gap between asking and selling prices, which could reflect seller expectations that are not aligned with current market realities. Overall, the market temperature is considered cold, and while interest rates are moderating, the impact on buyer demand remains to be seen.

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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 Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels 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 average around 5.875% to 6.09%, which is notably lower than the 6.87% average seen one year ago, presenting a favorable rate comparison for property owners.

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 $94,500 indicates a significant pricing adjustment in the market, reflecting a decrease in value.

2. With median days on market at 279, the market is experiencing slower sales velocity, suggesting buyers are taking longer to make purchasing decisions.

3. The median listing price of $108,000 shows a considerable gap from the sold price, indicating potential pricing friction in negotiations.

4. The market temperature is classified as cold, which may lead to further adjustments in pricing as sellers adapt to current conditions.

5. Despite a median market rent of $1,365, the rental market shows mixed signals, suggesting flat performance year-over-year.

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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.