Memphis, TN 38128 Real Estate Market Report

ZIP Code: 38128
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.

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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 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 the Memphis 38128 area are 6.3%, reflecting a market where rates have fluctuated significantly throughout 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. The primary indicator of market value is the median sold price: 138,000, which anchors recent transaction activity and should be the focal point for pricing decisions; note that broader price momentum is down, so underwritings and listing strategies should reference the 138,000 transaction benchmark.

2. The gap between the median listing price (134,950) and the median sold price (138,000) suggests sellers are pricing competitively relative to recorded transactions; this dynamic appears to reduce listing-to-sale friction and can inform modestly aggressive offer strategies for buyers seeking value.

3. Liquidity is constrained by slower sales velocity: the median days on market is 222, indicating prolonged marketing periods and declining turnover; sellers should expect longer exposures and consider targeted improvements or pricing flexibility to accelerate closings.

4. Market context shows elevated interest rate pressure and soft rental trends—current local mortgage pricing is reported at 6.3% and rent year-over-year trend is down; combined with a median price per square foot of 96.44 and median market rent of 1,265, investors should prioritize cashflow sensitivity and stress-test financing assumptions before committing to acquisitions.

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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.

Memphis, TN 38128 Real Estate Market Report

ZIP Code: 38128
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.

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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 the Memphis 38128 area are 6.3%, reflecting a market where rates have fluctuated significantly throughout 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. The neighborhood's primary market value indicator, median sold price, is 87,900, reflecting recent transaction levels and aligning with a cooling trend; down year-over-year price momentum suggests sellers should set realistic pricing expectations.

2. Liquidity appears slow: the median days on market is 302, which, when considered alongside a relatively constrained active supply in the analyzed sample, suggests slower sales velocity and potential pricing friction for sellers.

3. Unit-level valuation is modest with a median price per square foot of 107, and rental support is weakening — median market rent is 829 with rents down year-over-year — indicating limited near-term upside from rent growth for investors.

4. Financing conditions are a headwind: interest rate pressure is elevated and local 30-year fixed mortgage rates are around 6.3%, which may dampen buyer demand and extend time-to-contract; under these conditions, conservative pricing and longer marketing timelines should be planned.

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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.