Memphis, TN 38117 Real Estate Market Report
ZIP Code: 38117
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.
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
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.
Rental Market
Property Taxes
Liquidity & Velocity
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 for properties in Memphis TN 38117 are averaging 6.34%, which is higher than the 5.87% average observed in February 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
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The primary market indicator, median sold price: 259,000, shows recent transaction-level value and suggests modest appreciation when considered with the broader price trend; up price year-over-year trend supports continued, if measured, price gains.
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The median days on market: 210 points to slower sales velocity and pricing friction that may require longer listing exposure or strategic pricing adjustments for sellers; this pace appears consistent with a neutral market temperature.
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There is a meaningful gap between median listing price: 277,450 and the median sold price, which may indicate seller expectations exceed realized transaction prices and suggests negotiating leverage for buyers while pricing remains within a narrow band around recent sales.
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Financing and rental context: Current 30-year fixed mortgage rates averaging 6.34% are elevated relative to February 2026, and with rent year-over-year trend: down and elevated interest rate pressure, investors should expect tighter financing sensitivity and more selective buyer activity in the near term.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold at market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Quick sale indicating strong buyer demand and competitive market conditions.
Sold below market average
Memphis, TN 38117 Real Estate Market Report
ZIP Code: 38117
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.
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
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.
Rental Market
Property Taxes
Liquidity & Velocity
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 for properties in Memphis TN 38117 are averaging 6.34%, which is higher than the 5.87% average observed in February 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
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The primary market indicator, median sold price 201,000, suggests recent transaction-level value is modestly above asking benchmarks and establishes an actionable price reference for offers and appraisals.
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With a median days on market 329, the market is showing slower sales velocity than typical fast-turn environments, which may indicate pricing friction or longer negotiation timelines for listings not tightly aligned with recent sold prices.
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Inventory dynamics in the analyzed sample point to relatively constrained active supply versus recent sales, which, combined with a median listing price 195,000 slightly below the median sold price, suggests selective seller pricing and occasional bidding on well-priced homes rather than broad market heat.
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Macro/financing pressure is meaningful: interest rate pressure is elevated and Current 30-year fixed mortgage rates for properties in Memphis TN 38117 are averaging 6.34%, which is higher than the 5.87% average observed in February 2026; concurrently, rental momentum shows a downside as median market rent is 1,600 and rent year-over-year trend is down, signaling potential affordability stress for some demand segments.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold at market average
Sold below market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.3% rate, 1.6% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 5/1/2026
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