Memphis, TN 38128 Real Estate Market Report

ZIP Code: 38128
Report Date: February 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of February 2026, the median sold price in Memphis, TN (ZIP: 38128) stands at $149,900, reflecting a market that has decreased 8% since 2022. This decline indicates a cooling phase in the market, where recent transaction activity is showing signs of downward pressure on prices. The current median listing price of $164,950 suggests that sellers may be facing challenges in aligning their expectations with market realities, contributing to a slower sales velocity and elevated inventory levels.

The market is characterized by a median days on market of 181, indicating a prolonged period for properties to sell. This extended timeframe, coupled with elevated inventory relative to sales activity, suggests a shift in market dynamics where buyers may have more negotiating power. Despite these trends, the overall market temperature remains neutral, indicating a balanced environment where neither buyers nor sellers dominate the landscape. Furthermore, easing interest rates are beginning to enhance buyer affordability, which may provide some support to the market moving forward.

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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 Memphis, TN, around 6.04% are notably lower than the 6.87% average seen one year ago, presenting a favorable refinancing comparison for property owners.

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 $149,900 indicates a market that has experienced a decrease of 8% since 2022, reflecting ongoing price corrections.

2. With a median days on market of 181, properties are taking longer to sell, suggesting slower sales velocity and potential pricing friction.

3. The median listing price of $164,950 presents a notable gap compared to the sold price, indicating that sellers may need to adjust expectations to align with market realities.

4. The market temperature is currently neutral, suggesting a balanced environment where both buyers and sellers have equal negotiating power.

5. Despite the cooling market, the median market rent of $1,365 is on the rise, indicating a potential opportunity for rental investments in the area.

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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.