Memphis, TN 38122 Real Estate Market Report

ZIP Code: 38122
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Memphis, TN (ZIP: 38122) is currently $132,000, reflecting a stable market environment. This price point indicates a balanced transaction activity, as the market appears to be experiencing a neutral temperature with moderate sales velocity. The median listing price stands at $167,580, suggesting a notable pricing gap between seller expectations and actual market transactions, which may indicate some pricing friction as sellers adjust to current market conditions.

Inventory levels are elevated, contributing to longer median days on market at 201 days. This extended timeframe for property sales suggests a cooling market, with excess supply relative to sales activity. The rental market is also showing signs of stability, with a median market rent of $1,365 and a flat year-over-year trend, indicating a renter-friendly environment amidst elevated vacancies.

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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 in Memphis, TN are averaging 6.25% as of March 31, 2026, which is 0.13% higher than the average rate of 6.12% seen in early 2026.

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 is $132,000, indicating a stable market environment with balanced transaction activity.

2. Current median listing price of $167,580 suggests a pricing gap that may create friction between seller expectations and market realities.

3. Properties are taking an average of 201 days on market, reflecting slower sales velocity and a cooling market.

4. The market temperature is currently neutral, indicating balanced conditions without significant pressure in either direction.

5. The median market rent stands at $1,365, with a flat year-over-year trend, suggesting a stable rental environment despite elevated vacancies.

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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.