Memphis, TN 38117 Real Estate Market Report

ZIP Code: 38117
Report Date: March 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in the 38117 ZIP code is $248,000, reflecting a down trend in pricing. This decrease suggests a shift in market dynamics, where sellers may need to adjust expectations to align with buyer sentiment. The market is characterized by 296 days on average for properties to sell, indicating a slower sales velocity and potentially elevated inventory levels relative to sales activity.

Despite the modest price declines, the broader Memphis area remains somewhat competitive, with rental rates showing resilience. The median market rent stands at $1,610, indicating a year-over-year increase, which may attract investors looking for rental opportunities even amidst a cooling sales environment. Elevated interest rate pressure, currently around 6.38%, further complicates buyer activity, suggesting that financing costs may still impact overall market liquidity.

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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

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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 6.38% are 0.27% lower than the 6.65% average seen one year ago, indicating a slight cost advantage for new financing.

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 $248,000 indicates a down trend in property values, suggesting sellers may need to adjust their pricing strategies.

2. With 296 days on market, properties are experiencing slower sales velocity, reflecting a potential mismatch between buyer expectations and market realities.

3. The median market rent of $1,610 is up, indicating a positive trend in rental demand despite a cooling sales market.

4. Elevated interest rate pressure at 6.38% may deter some potential buyers, contributing to a more cautious market environment.

5. The market temperature is described as neutral, suggesting balanced conditions with no clear advantage for buyers or sellers.

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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.