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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.

Analysis Window
90 Days
Total Properties Analyzed
182
Active Listings
110
Sold Properties
72

Market Metrics

Median Listing Price
$170,285
Median Sold Price
$139,500
Median Price per Sqft
$120/sqft

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

Median Market Rent
$1,095

Property Taxes

Property Tax Rate
1.58%

Liquidity & Velocity

Median Days on Market
185
Sale-to-List Ratio
100.0%

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.

Price YoY Trend
up
Market Temperature
neutral
Rent YoY Trend
flat
Interest Rate Pressure
elevated

Key Findings

  1. 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.

  2. 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.

  3. 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.

  4. 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

3575 Kenwood Ave, Memphis, TN 38122
Top Sale

Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.

2 beds
1 baths
1,278 sqft
$400,000
Mar 1, 2026
$313/sqft/sqft
289 days on market
3688 Philwood Ave, Memphis, TN 38122
Premium

Sold above market average

3 beds
2 baths
1,782 sqft
$360,000
Apr 1, 2026
$202/sqft/sqft
133 days on market
3549 Kenwood Ave, Memphis, TN 38122
Premium

Sold above market average

2 beds
2 baths
1,487 sqft
$350,000
Mar 1, 2026
$235/sqft/sqft
3180 days on market
3534 Bowen Ave, Memphis, TN 38122
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

3 beds
2 baths
1,139 sqft
$120,000
Apr 1, 2026
$105/sqft/sqft
45 days on market
4396 Zelda Ln, Memphis, TN 38122
Market Benchmark

Representative market sale establishing baseline for properties in the core neighborhood.

3 beds
1 baths
1,526 sqft
$120,000
Mar 1, 2026
$79/sqft/sqft
80 days on market
3448 Given Ave, Memphis, TN 38122
Value

Sold below market average

2 beds
1 baths
1,200 sqft
$118,000
Apr 1, 2026
$98/sqft/sqft
243 days on market
1296 Wells Station Rd, Memphis, TN 38122
Value

Sold below market average

3 beds
1 baths
1,089 sqft
$50,000
Apr 1, 2026
$46/sqft/sqft
3964 Victor Dr, Memphis, TN 38122
Value

Sold below market average

3 beds
1 baths
962 sqft
$50,000
Apr 1, 2026
$52/sqft/sqft

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.

Analysis Window
90 Days
Total Properties Analyzed
82
Active Listings
10
Sold Properties
72

Market Metrics

Median Listing Price
$157,400
Median Sold Price
$135,000
Median Price per Sqft
$88/sqft

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

Median Market Rent
$850

Property Taxes

Property Tax Rate
2.05%

Liquidity & Velocity

Median Days on Market
283
Sale-to-List Ratio
100.0%

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.

Price YoY Trend
up
Market Temperature
neutral
Rent YoY Trend
flat
Interest Rate Pressure
elevated

Key Findings

  1. 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.

  2. 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

  3. 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

  4. 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

475 N Highland St Apt 11c, Memphis, TN 38122
Top Sale

Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.

2 beds
2 baths
1,657 sqft
$160,000
Apr 1, 2026
$97/sqft/sqft
475 N Highland St Apt 1c, Memphis, TN 38122
Value

Sold below market average

2 beds
2 baths
1,968 sqft
$78,000
Jan 1, 2026
$40/sqft/sqft
4040 Graham Oaks Ct, Memphis, TN 38122
Value

Sold below market average

3 beds
2 baths
1,635 sqft
$77,274
Feb 1, 2026
$47/sqft/sqft

Investment Analysis

Compare rental income potential against ownership costs and benchmark against market averages.

Rent vs Cost to Own

Monthly rental income vs estimated ownership cost

$165/mo
38122 Avg Rent
38122 Cost to Own
Rent$1,095
Own$930

20% down, 6.5% rate, 1.6% tax

Short-Term Rental

Avg nightly rate and occupancy for this ZIP

38122 Avg nightly rate
38122 Avg occupancy (days/year)
Nightly rate$139/night
Occupancy108 of 365 days

Data Sources

Real estate market data & public records, and GemHaus® proprietary models.

Report generated: 5/1/2026

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