Market Snapshot
- Median listing price
- $140K
- Median rent
- $1,275/mo
- Days on market
- 210 days
- Gross rental yield
- 10.93%
- STR vs LTR
- $2,131/mo STR · $1,275/mo LTR
The median listing price in Memphis, TN ZIP 38128 is $140,000 as of June 2026.
The median market rent in Memphis, TN ZIP 38128 is $1,275/month as of June 2026.
The median days on market in Memphis, TN ZIP 38128 is 210 days as of June 2026. The market is currently neutral.
At a median list price of $140,000 and a median rent of $1,275/month, the gross rental yield in Memphis, TN ZIP 38128 is 10.93% as of June 2026.
In Memphis, TN ZIP 38128, median Airbnb revenue is $2,131/month compared to median long-term rent of $1,275/month as of June 2026.
Memphis, TN 38128 Real Estate Market Report
ZIP Code: 38128
Report Date: June 2026
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
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
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 $126,000 median sold price, which establishes recent transaction-level value and suggests sellers should price close to proven sale levels rather than relying solely on asking prices; representative recent sale pricing appears more reliable than list price dispersion.
- There is a notable gap between the $140,000 median listing price and the $126,000 median sold price, which may indicate pricing friction where seller expectations exceed realized transaction values and could lengthen negotiation timelines.
- Liquidity appears muted: the median days on market of 210 points to slower sales velocity and, combined with elevated inventory relative to sales activity, suggests sellers may need to allow additional marketing time or consider price concessions to accelerate closings.
- Key market drivers are broadly constructive: price year-over-year trend: up and rent year-over-year trend: up support modest appreciation prospects, while market temperature: neutral and interest rate pressure: moderate counsel a balanced approach to timing and underwriting, with attention to financing cost sensitivity.
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.
Representative market sale establishing baseline for properties in the core neighborhood.
Below-market acquisition. Investor purchase with value-add potential through renovation.
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, 6.50% rate, 1.5% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 6/1/2026
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