Memphis - TN housing market

The typical home value ($246,065) is the Zillow Home Value Index for the Memphis - TN metro area: a smoothed, seasonally adjusted estimate of the typical value for middle-tier homes (33rd to 67th percentile) across single-family and condo properties.

Prices are up 0.1% over the past year. In Memphis - TN, that means a home worth $245,819 last year is now worth roughly $246,065.

The median sale price, what homes actually close for, is $247,701. Homes are selling at 97.2% of list price, meaning buyers have room to negotiate.

Homes listed in Memphis - TN sit on the market for roughly 29 days before going pending. Shorter = seller's market; longer = buyer's market.

About 29.7% of current listings have had at least one price cut. High price-cut shares signal sellers are adjusting expectations downward.

Roughly 1,630 new listings hit the market each month in Memphis - TN. There are currently 6,402 homes for sale, up 13.8% from a year ago.

The typical monthly rent in Memphis - TN is $1,422, up 1.3% year over year. On the Rent vs Buy Index that is a price-to-rent ratio of 14.4x, buying territory (#159 of 195 metros). The mortgage on a typical home here, 20% down at today's 6.66% 30-year rate, runs about $1,265 a month in principal and interest, $157 less than renting before taxes, insurance and upkeep. The two break even at a 7.84% rate.

What's not on this page

This is market-level data, not property-level. We don't list individual homes for sale. For that, go to Zillow, Redfin, or your local MLS.

Data: Zillow Research (ZHVI and market indicators), refreshed monthly at the source. This page was rebuilt September 2026. Methodology →