Memphis - TN housing market
The Memphis metro has a typical home value of $245,951, down 0.0% from a year ago. Homes sell in 29 days on average - a balanced market. 26% of listings have had a price cut. Data from Zillow Research, updated monthly.
How to read this data
The typical home value ($245,951) 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 0.0% over the past year. In Memphis - TN, that means a home worth $245,951 last year is now worth roughly $245,951.
The median sale price , what homes actually close for , is $250,666. Homes are selling at 96.6% 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 25.6% of current listings have had at least one price cut. High price-cut shares signal sellers are adjusting expectations downward.
Roughly 1,606 new listings hit the market each month in Memphis - TN. There are currently 5,634 homes for sale, up 14.2% from a year ago.
The typical monthly rent in Memphis - TN is $1,432, up 0.4% year over year. For investors, the price-to-rent ratio here is roughly 14x annual rent.
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.
Other metros in TN
| Metro | Home value | 1-yr change | Days on market |
|---|---|---|---|
| Nashville - TN | $455,068 | -0.9% | 29.0d |
| Knoxville - TN | $363,741 | +1.6% | 21.0d |
| Chattanooga - TN | $324,101 | +0.3% | 25.0d |
| Clarksville - TN | $293,331 | -0.7% | 35.0d |
| Kingsport - TN | $243,171 | +1.0% | 24.0d |