Memphis, TN 38127 Real Estate Market Report

ZIP Code: 38127
Report Date: April 2026
Market Temperature: COLD
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Memphis, TN (ZIP: 38127) currently stands at $94,950, reflecting a market that has seen a decline in pricing trends. This downward movement indicates a 8% decrease since 2022, suggesting a cooling market environment. The elevated inventory levels, coupled with a median days on market of 268 days, further emphasize the slower transaction velocity and potential pricing friction that buyers may encounter.

Despite the local economic factors remaining positive, the elevated interest rate pressure, with current 30-year fixed mortgage rates averaging 6.38%, is likely contributing to affordability challenges. As a result, the market is characterized by excess supply relative to sales activity, which may indicate a shift in buyer sentiment and expectations. The median listing price of $100,000 shows a notable gap compared to the median sold price, highlighting potential pricing adjustments needed to attract buyers in this cooling market.

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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

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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 Memphis, TN are averaging 6.38% as of March 26, 2026, which is 0.13% higher than the average rate of 6.25% seen in early March 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. $94,950 is the median sold price, indicating a decrease in market value since 2022.

2. The market temperature is currently cold, reflecting a shift towards buyer preferences amid elevated inventory levels.

3. With a median days on market of 268 days, the market is experiencing slower sales velocity and extended timeframes for transactions.

4. The median listing price of $100,000 suggests a pricing gap that may need addressing to align with buyer expectations in a declining market.

5. Elevated interest rate pressure is evident, with mortgage rates at 6.38%, impacting affordability and contributing to weak demand.

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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.