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Featured local agent — Memphis, TN
Sarah Mitchell
Compass Real Estate · Memphis, TN
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Memphis, TN Housing Market & Real Estate
Housing market overview · Updated monthly ·
$215,000median sale price
How is the Memphis, TN housing market right now?
The median home sale price in Memphis, TN is $215,000, up 9.1% year-over-year. Homes sell in an average of 40 days with 2,539 active listings. The market is currently a leaning buyer's. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Memphis a buyer's or seller's market?
Memphis, TN is currently a leaning buyer's, based on 5.7 months of supply and homes selling in about 40 days. How we determine this →
Homes sold
449
Last 12 weeks
Days on market
40
Average pace
Active listings
2,539
5.7 months supply
Sale-to-list
96.2%
Below asking
What does the Memphis housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $215,000 |
| Median list price | $200,000 |
| Year-over-year price change | +9.1% |
| Average days on market | 40 days |
| Active inventory | 2,539 listings |
| Months of supply | 5.7 months |
| Sale-to-list price ratio | 96.2% |
| Median price per sq ft | $132/sq ft |
| Homes sold (latest month) | 449 |
| New listings (latest month) | 809 |
| Listings with a price cut | 31.2% |
| Market condition | Leaning buyer's |
Source: Redfin · Updated monthly
How much do homes cost in Memphis by property type?
How the Memphis, TN market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $215,000 | $131/sq ft | 402 | 35 days |
| Condo / Co-op | $219,500 | $162/sq ft | 24 | 84 days |
| Townhouse | $189,000 | $128/sq ft | 11 | 55 days |
Source: Redfin · Updated monthly
The Memphis housing market is currently classified as a leaning buyer's with a median sale price of $215,000. Prices have risen 9.1% compared to last year, with homes spending an average of 40 days on market, indicating 5.7 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 2.9x provides context for how home values compare to local earning capacity.
Homes for sale in Memphis
There are currently 2,539 homes listed for sale in Memphis, Tennessee. The median listing price is $200K.
Active listings
2,539
Homes on market
Median list price
$200K
Avg. days on market
40
Days until sale
New this week
809
Newly listed
Who lives in Memphis?
Population
629,063
Median income
$51,211/yr
Median age
34.3 years
Owner-occupied
46.0%
College grads
28.2%
Avg commute
21.3 min
Source: U.S. Census Bureau ACS
What are homes worth in Memphis?
Zillow home value
$146,746
Zillow rent index
$1,280/mo
Price-to-rent ratio
9.6x
Price-to-income
2.9x
Source: Zillow Research
What is it like to live in Memphis?
Memphis is a community of approximately 629K residents with a median age of 34.3 years.The median household income is $51,211, which represents a working-class community with solid middle-income opportunities. 28.2% of residents hold a bachelor's degree or higher, showing a mixed educational demographic.
Homeownership rates are at 46.0%, showing a blend of owner and renter-occupied properties. The average commute time is 21.3 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Memphis offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Memphis?
50 schools tracked · 43,456 students
The largest public schools serving Memphis, TN by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
White Station High
Grades 9-12 · 1,935 students
Southwind High
Grades 9-12 · 1,622 students
Whitehaven High
Grades 9-12 · 1,549 students
Overton High
Grades 9-12 · 1,491 students
Kingsbury High
Grades 9-12 · 1,327 students
Central High
Grades 9-12 · 1,300 students
Snowden Elementary/Middle
Grades PK-8 · 1,272 students
White Station Middle
Grades 6-8 · 1,091 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Memphis, TN?
Want a head-to-head view? Compare Memphis side-by-side with any other U.S. city using our market-comparison tool.
Is Memphis a good real estate investment market?
For investors evaluating Memphis, the price-to-rent ratio of 9.6x suggests potential rental yield opportunity, making the market attractive for income-focused investors. The market has appreciated 9.1% year-over-year, reflecting ongoing demand and value growth.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Memphis's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Memphis's median home price.
Frequently asked questions
What is the average home price in Memphis?
The median home sale price in Memphis is $215,000, up 9.1% from last year.
How long do homes stay on market in Memphis?
Homes typically spend 40 days on market before going under contract.
What is the median income in Memphis?
The median household income is $51,211 per year.
Is Memphis a buyer's or seller's market?
With 5.7 months of supply, Memphis is currently a leaning buyer's.
What is the Zillow home value estimate for Memphis?
The Zillow Home Value Index (ZHVI) for Memphis is $146,746, representing the typical home value in the area.
What is the median condo price in Memphis?
The median condo/co-op sale price in Memphis, TN is $219,500, compared to $215,000 for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Memphis?
The median single-family home price in Memphis, TN is $215,000 (about $131 per square foot).
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