Aug 2026
$198K
+1.5% year-over-year
How it’s calculated
Rolling 3-month median sale price vs. same 3 months one year prior.
Memphis, TN
Daily-refreshed real estate signals + Three-Opinion home-price methodology for Memphis, TN. Built for agents; free to read.
Memphis, TN’s median sale price is $198K as of Aug 2026 — +1.5% year over year. Pecan Street tracks Memphis with its Three-Opinion home-price methodology (Redfin, FHFA HPI, and Zillow ZHVI), with no market signals flagged right now.
Headline
Sep 18, 2026
7.04%
30-year fixed
Where it comes from
National benchmark: Optimal Blue OBMMI 30-year conforming, via FRED. An average of rates borrowers have actually locked, updated daily.
The same rate appears on every market page.
Principal & interest
$1,060/mo
$45K/yr income needed
How it’s calculated
Payment — this market’s median sale price with 20% down, on a 30-year fixed loan at the rate shown. Principal and interest only — no property tax, insurance, PMI or HOA.
Income needed — that payment at 28% of gross income. A rule of thumb, not a lending decision.
How Memphis compares to other U.S. metros
| Price-to-rent | ↓181st of 195 |
|---|---|
| Days on market | ↑37th of 194 (top 20%) |
| Price cuts | ↑61st of 194 (top 32%) |
| Home-price growth | 106th of 195 |
Rank across the U.S. metros Pecan Street tracks, on market data alone — a higher rank means more of that measure (more price cuts, faster price growth, a wider asking-vs-sale gap, a higher price-to-rent ratio, or more days on market). The bar shows where this metro sits within that metric’s own cohort (left is more, right is less); ↑ and ↓ mark the positions furthest from the middle, and rows are ordered the same way. Metrics without data for this metro are omitted.
Affordability
| Price-to-rent ratio | ≈ 10 +7.4% YoY ↓181st of 195 |
|---|---|
| Asking price / sq ft | $153 -6.1% YoY |
Price-to-rent divides the median sale price by the annual HUD Fair Market Rent (a 3-bedroom, 40th-percentile benchmark), so it is a directional rent-vs-buy read, not a cap rate; its year-over-year change is directional in the same way. Asking price per square foot is the median across active for-sale listings (Realtor.com), as of Aug 2026. The bar under a figure places this metro among the U.S. metros we track on that measure, highest first.
Market pressure
| Listings with a price cut | ≈ 41% +0.9 pts YoY ↑61st of 194 (top 32%) |
|---|---|
| New housing units permitted | 367 |
Price-cut share is the portion of active for-sale listings that have taken a price reduction (Realtor.com), as of Aug 2026. New housing units authorized by residential building permits in the metro that month — new supply in the pipeline, which counts of existing listings don't capture (US Census Bureau, Building Permits Survey), as of Jul 2026. The bar under a figure places this metro among the U.S. metros we track on that measure, highest first.
Market facts
| ZIPs with listing data | 12 shown of 78 |
|---|---|
| MLS board of record | Memphis Area Association of REALTORS |
| Price methodology | Three-Opinion · Redfin · FHFA HPI · Zillow ZHVI |
| Data as of | Aug 2026 |
Recent signals
No signals flagged for this market right now.
Price reconciliation
normal · 0.3ppRedfin (city) +1.5% | FHFA HPI · Q2 2026 +1.8% |
Year-over-year home-price change from two independent methods — Redfin (monthly sold price) and FHFA (quarterly repeat-sales index). When they diverge, the market is mid-shift; cite the figure with that in mind.
Market dispatches
Citable market dispatches for Memphis → Latest dispatch: Jul 10, 2026.
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Try it freeZIP-level data
| ZIP | Median list price | Active listings | New listings | Price reductions | Days on market | Home value |
|---|---|---|---|---|---|---|
| 38002 | $515K↓ | 226↑ | 72↑ | 100↑ | 54↓ | $408K↓ |
| 38017 | $606K↓ | 326↓ | 76↑ | 132↓ | 75↓ | $509K↓ |
| 38103 | $339K↓ | 165↑ | 28 | 56↓ | 82↑ | $323K↓ |
| 38104 | $295K↓ | 151↑ | 32↓ | 48↓ | 86↑ | $254K↓ |
| 38109 | $100K↓ | 202↑ | 56↑ | 88↑ | 76↑ | $93K↓ |
| 38111 | $205K↓ | 212↑ | 60↓ | 92↑ | 68↑ | $135K↓ |
| 38117 | $280K↓ | 201↑ | 56↓ | 96↑ | 71↑ | $269K↓ |
| 38122 | $172K↓ | 141↑ | 28↓ | 24↑ | 109↑ | $126K↓ |
| 38127 | $95K↓ | 255↑ | 56↓ | 64↑ | 58↑ | $92K↓ |
| 38128 | $140K↓ | 143↑ | 48↑ | 56↑ | 71↓ | $148K↓ |
| 38632 | $460K↑ | 144↓ | 52↓ | 48↑ | 68↓ | $345K↑ |
| 38654 | $407K↓ | 269↑ | 72↑ | 124↑ | 68↑ | $332K↑ |
ZIP figures from Realtor.com listing data; home value from Zillow ZHVI. ZIP codes shown have the most complete listing-data history and active for-sale inventory in this metro; the latest available month is shown per ZIP. Arrows show the direction of each figure against the same three months a year earlier; no arrow means the change rounds to zero or the comparison isn't available.