Memphis, TN 38122 Real Estate Market Report

ZIP Code: 38122
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: 38122) is characterized by a median sold price of $138,500, reflecting a stable transaction environment despite some fluctuations in pricing. The neighborhood has increased 0% since 2023, indicating a period of price stabilization. The median listing price stands at $166,915, suggesting a notable gap between seller expectations and actual market performance, which may create pricing friction for potential buyers.

Market activity appears to be moderate, with 169 days on market indicating slower sales velocity. This extended time frame may suggest that buyers are exercising caution in their purchasing decisions, leading to elevated inventory levels. The overall market temperature is considered neutral, indicating a balance between supply and demand, although the rental market is experiencing downward pressure with a median market rent of $1,365.

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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 near 6.11% in the Memphis market are 0.78% lower than the 6.89% average seen one year ago in February 2025.

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 $138,500 indicates a stable market, though the gap with the median listing price of $166,915 suggests potential pricing friction for sellers.

2. With 169 days on market, properties are experiencing slower sales velocity, which may indicate a cautious buyer sentiment in the current market environment.

3. The market temperature is neutral, suggesting a balanced state between supply and demand, which may lead to a more stable pricing environment moving forward.

4. The median market rent of $1,365 is experiencing a down trend, indicating a soft rental market that contrasts with the sales market stability.

5. Current interest rate pressure is considered moderate, with 30-year fixed mortgage rates at approximately 6.11%, which is lower than the previous year's average, potentially encouraging buyer activity.

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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.