Market Snapshot
- Median listing price
- $125K
- Median rent
- $1,215/mo
- Days on market
- 32 days
- Gross rental yield
- 11.67%
The median listing price in Memphis, TN ZIP 38118 is $124,900 as of October 2026.
The median market rent in Memphis, TN ZIP 38118 is $1,215/month as of October 2026.
The median days on market in Memphis, TN ZIP 38118 is 32 days as of October 2026. The market is currently cold.
At a median list price of $124,900 and a median rent of $1,215/month, the gross rental yield in Memphis, TN ZIP 38118 is 11.67% as of October 2026.
Memphis, TN 38118 Real Estate Market Report
ZIP Code: 38118
Report Date: October 2026
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
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 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.
Current Mortgage Rate Context
Market-level mortgage rate comparison for this area:
Current 30-year fixed mortgage rates in the Memphis 38118 area average approximately 7.3%, reflecting a high-rate environment compared to earlier 2026 levels.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
- The primary market signal is the neighborhood's $125,000 median sold price, which sits almost level with the $124,900 median listing price and suggests limited seller premium in recent transactions.
- Slower sales velocity is evident from the 32 median days on market, which, combined with elevated inventory relative to sales activity, points to pricing friction and greater buyer negotiating leverage.
- Financing and affordability are material headwinds: current 30-year fixed mortgage rates in the Memphis 38118 area average approximately 7.3%, consistent with the metric describing elevated interest rate pressure, and may suppress buyer demand for higher-priced listings.
- Rental and unit-level value signals are stable—$1,215 median market rent and a $93.98 median price per square foot with a flat rent year-over-year trend—indicating steady rent expectations but limited upside in short-term appreciation given the flat price year-over-year trend and a generally cold market temperature.
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.
Quick sale indicating strong buyer demand and competitive market conditions.
Sold above market average
Quick sale indicating strong buyer demand and competitive market conditions.
Representative market sale establishing baseline for properties in the core neighborhood.
Below-market acquisition. Investor purchase with value-add potential through renovation.
Sold below 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, 7.32% rate, 1.2% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 10/28/2026
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