Memphis, TN 38114 Real Estate Market Report

ZIP Code: 38114
Report Date: April 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 $82,500, reflecting a market that has seen a significant decrease in value. This downward trend indicates a shift in buyer sentiment and market dynamics, as the neighborhood has decreased 8% since 2022. The market is characterized by elevated inventory levels and longer selling times, with properties spending a median of 309 days on market. These factors suggest a buyer's advantage, as sellers may need to adjust their expectations to align with current market realities.

Despite the challenges, the local economy shows some resilience with moderate rental demand, as evidenced by a median market rent of $1,365. However, rental prices are also experiencing a down trend year-over-year, which may further influence buyer behavior and market liquidity. Overall, the current market temperature is classified as cold, indicating a need for caution among potential investors and homebuyers as they navigate this rebalancing phase.

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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.

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Key Findings

1. The median sold price of $82,500 indicates a market under pressure, with values trending down since 2022.

2. Properties are taking a median of 309 days on market, suggesting slower sales velocity and potential pricing friction.

3. With a median listing price of $97,500, there is a notable gap between listing and sold prices, reflecting pricing challenges for sellers.

4. The market temperature is currently cold, indicating a less favorable environment for sellers and a potential opportunity for buyers.

5. Rental prices are also trending down</Highlight, with a median market rent of $1,365, which may affect overall buyer 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.