Memphis, TN 38122 Real Estate Market Report
ZIP Code: 38122
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
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
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.
Key Findings
-
The primary market signal is the median sold price 139,500, which represents the most reliable indicator of realized value for recent SFR and condo transactions and should be used as the baseline for pricing and appraisal guidance; with the price year-over-year trend reported as up, sellers may still achieve modest upside relative to prior periods.
-
There is a meaningful gap between the median listing price 170,285 and the median sold price 139,500, which suggests seller expectations exceed recent transaction prices and may create pricing friction; pricing strategies that align asking price closer to the representative recent sale level are likely to improve conversion and reduce time to contract.
-
Market liquidity is constrained by slower turnover: the median days on market 185 points to extended marketing periods and slower sales velocity, so investors and sellers should plan for longer holding periods and consider targeted incentives or price adjustments to accelerate offers.
-
Broader market context shows a median market rent 1,095 and a median price per square foot 120 in a market described as neutral temperature with rent year-over-year trend flat; combined with reported elevated interest rate pressure, expect financing sensitivity among buyers and prioritize underwriting scenarios that account for tighter financing conditions.
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.
Sold below market average
Sold below market average
Sold below market average
Memphis, TN 38122 Real Estate Market Report
ZIP Code: 38122
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
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
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.
Key Findings
-
median sold price 135,000 serves as the primary indicator of market value and recent transactions; the gap between the median listing price 157,400 and the median sold price suggests pricing friction where seller expectations are above realized sale levels, which may indicate opportunities for buyers to negotiate toward market-clearing prices.
-
median days on market 283 signals materially slower sales velocity and suggests extended marketing periods; this slower liquidity appears consistent with a shift toward a more neutral to slightly cool market and may require sellers to price more competitively or offer concessions to achieve timely closings. slower
-
The price year-over-year trend up combined with a market temperature neutral reading suggests moderated price appreciation without broad overheating; investors and owners should expect modest upward pressure but not rapid gains, so underwriting should reflect a cautious outlook rather than aggressive growth. up neutral
-
Carry and financing conditions are a headwind: interest rate pressure elevated may suppress buyer purchasing power even as rents hold steady—median market rent 850 is reported as flat year-over-year, and the median price per square foot 88.41 indicates current valuation scale for comparable SFR/condo product; together these metrics suggest owners should stress-test deals for higher financing costs and slower exit pacing. elevated flat
Notable Properties
The following 3 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 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, 6.5% 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
Get personalized market intelligence
Explore real-time property analysis in Memphis, TN: valuations, rental estimates, costs, and pro-forma projections.