Memphis, TN 38117 Real Estate Market Report

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

Key Findings

1. The primary market indicator, the median sold price of 201,000, points to the neighborhood's transaction-level value and suggests recent sales are establishing baseline pricing; price trends are up year-over-year which supports modest appreciation.
2. There is a meaningful gap between the median listing price of 285,000 and the median sold price, which may indicate pricing friction and elevated seller expectations relative to recent transaction prices; this gap appears alongside a neutral market temperature, suggesting balanced negotiations rather than a clearly one-sided market.
3. Liquidity appears slow based on the median days on market of 195, which signals extended time-to-contract and slower sales velocity; combined with the neutral market temperature, this may indicate buyers have time to be selective and sellers may need stronger incentives. elevated interest rate pressure could be contributing to longer marketing times.
4. Rental fundamentals show a median market rent of 1,545 with rent year-over-year trend up, indicating steady to improving rental demand that supports buy-to-rent strategies, while the median price per square foot of 174 provides a static valuation benchmark for comparing SFR and condominium opportunities.

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.