Memphis, TN 38128 Real Estate Market Report

ZIP Code: 38128
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: 38128) stands at $129,000, reflecting a market that has seen a down trend in pricing. This price indicates a cautious approach from buyers amidst a backdrop of elevated inventory levels and moderate sales activity. The market appears to be balancing on the edge of a slight decline, with homes selling faster than the national average, suggesting that while demand exists, it may be tempered by price sensitivity and economic factors.

The median days on market is notably high at 238 days, indicating slower sales velocity and potential pricing friction. With the median listing price at $148,000, there exists a significant gap between asking and selling prices, which may suggest that sellers are adjusting their expectations in response to market conditions. Overall, the market temperature is neutral, with economic signals showing cautious positivity, supported by local investment and job creation.

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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 0.17% higher than the average rate of 6.08% seen in early 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 $129,000 indicates a down trend in home values, reflecting buyer caution.

2. With a median days on market of 238, the market is experiencing slower sales velocity, suggesting potential pricing challenges.

3. The median listing price of $148,000 creates a notable gap from the sold price, indicating pricing friction in the market.

4. The market temperature remains neutral, suggesting a balanced environment despite elevated inventory levels.

5. Moderate rental activity is indicated by a median market rent of $1,365, which may provide some stability in the rental segment.

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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.