Memphis - TN housing market
The Memphis metro has a typical home value of $247,229, up 0.1% from a year ago. Homes sell in 24 days on average - a balanced market. 28% of listings have had a price cut. Data from Zillow Research, updated monthly.
How to read this data
The typical home value ($247,229) 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 $246,982 last year is now worth roughly $247,229.
The median sale price , what homes actually close for , is $250,162. Homes are selling at 96.7% of list price, meaning buyers have room to negotiate.
Homes listed in Memphis - TN sit on the market for roughly 24 days before going pending. Shorter = seller's market; longer = buyer's market.
About 27.7% of current listings have had at least one price cut. High price-cut shares signal sellers are adjusting expectations downward.
Roughly 1,747 new listings hit the market each month in Memphis - TN. There are currently 6,017 homes for sale, up 15.9% from a year ago.
The typical monthly rent in Memphis - TN is $1,441, up 0.8% 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 | $455,958 | -0.9% | 22.0d |
| Knoxville - TN | $367,158 | +1.8% | 17.0d |
| Chattanooga - TN | $326,370 | +0.2% | 22.0d |
| Clarksville - TN | $292,990 | -0.7% | 23.0d |
| Kingsport - TN | $246,242 | +1.2% | 15.0d |