Memphis, TN 38117 Real Estate Market Report

ZIP Code: 38117
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: 38117) is characterized by a median sold price of $285,000, reflecting a market that has experienced some fluctuations. The neighborhood has decreased 8% since 2022, indicating a softening trend in sold prices. This decline suggests that while buyers may find opportunities, sellers may need to adjust their expectations to align with current market realities.

Transaction activity appears moderate, with 182 days on market indicating slower sales velocity. The market is currently experiencing elevated inventory levels, which may indicate excess supply relative to sales activity. This shift towards a more balanced market could provide buyers with more options, although premium properties remain competitive. Overall, the market temperature is assessed as neutral, suggesting a stable environment for both buyers and sellers, albeit with caution due to the recent price declines.

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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, around 5.875% are 0.30% lower than the average rate of 6.17% seen for similar loans earlier in 2026.

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 $285,000 indicates a recent decline, reflecting a decreasing trend in property values.

2. With 182 days on market, the area is experiencing slower sales velocity, suggesting weaker liquidity conditions.

3. The median listing price of $257,575 shows a significant gap from the sold price, indicating potential pricing friction for sellers.

4. Inventory levels are elevated, suggesting excess supply relative to sales activity, which may benefit buyers in negotiations.

5. The median market rent of $1,610 is stable, but a down trend in rent year-over-year may signal caution for landlords.

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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.