Market Intelligence · TN / Shelby County

Memphis, TN home prices and housing market

25 ZIP markets liveData updated September 2026Typical value$143K1-yr change2.5%

The typical home value in Memphis, TN is $143K as of September 2026, down 2.5% from a year ago, based on the Zillow Home Value Index. In the typical Memphis ZIP code, the median list price is $196K and homes spend a median of 68 days on market as of September 2026 (Realtor.com).

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Memphis housing market, on video

Key takeaways

Nearly a quarter of homes for sale in Memphis have already cut their price, and that tells you most of what you need to know about this market right now.
The typical Memphis home is worth about one hundred forty-eight thousand dollars, down about 1 percent from a year ago.
But the median list price sits around one hundred eighty-nine thousand dollars, well above that.

Updated June 2026All city reports →

Read the transcript

Nearly a quarter of homes for sale in Memphis have already cut their price, and that tells you most of what you need to know about this market right now. The typical Memphis home is worth about one hundred forty-eight thousand dollars, down about 1 percent from a year ago. But the median list price sits around one hundred eighty-nine thousand dollars, well above that. That gap between what sellers are asking and what homes are actually worth is why so many listings are getting marked down. There are about two thousand seven hundred homes for sale, with roughly 770 new listings hitting the market in the past month, so buyers have plenty to choose from. Homes are taking about sixty-seven days to go under contract, which gives buyers room to negotiate. If you are selling, price to the market from day one, because overpriced homes are sitting and then cutting. In Memphis right now, the realistic seller wins.

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12-month value trend

-2.5% over 12 months

Sep 2025$147K

Low $143KHigh $148K

Sep 2026$143K

Median Zillow home value index across Memphis's ZIP codes.

The coverage

Memphis, by the numbers.

Typical home valueZillow ZHVI, September 2026: $143K
1-yr changeMedian across Memphis ZIPs: -2.5%
ZIP markets live53 tracked in Memphis: 25
County: Shelby County

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Context

The Memphis housing market has cooled over the past year. The typical home value in Memphis is $143,481 as of September 2026, down 2.5% from a year earlier. Sellers are still testing higher prices, with a median list price of $195,950, but homes are taking a median of 68 days to sell. Inventory is substantial at 2689 homes for sale, and 678 new listings came on the market in September 2026. Nearly a quarter of active listings, 24.0%, have taken a price cut. For a homeowner deciding whether to sell, the read is simple: buyers have options and time, so realistic pricing from day one matters more than it has in recent years.

The numbers

What is the housing market like in Memphis, TN?

As of September 2026

Typical home value

$143K

2.5%YoY

Median list price

$196K

Days on market

Homes for sale

2,689

Price cuts

24.0%

New listings

678

Sources · Zillow ZHVI (September 2026) / Realtor.com (September 2026)

Figures reflect Memphis's ZIP codes with market data: values and listing medians take the median across ZIPs; inventory and new listings are summed.

Prices over time

Memphis, TN home prices over time

Typical home values in Memphis, TN are down 2.5% over the past year, from $147K in September 2025 to $143K in September 2026.

Typical home value in Memphis, TN, September of each year
Month	Typical value	1-yr change
September 2026	$143,481	-2.5%
September 2025	$147,091	No prior year

Typical value is the median Zillow Home Value Index across Memphis ZIP codes, taken in September of each year so every row compares the same month.

Market balance

Is Memphis, TN a buyer's or seller's market?

Memphis, TN leans toward a buyer's market.

Homes are taking longer to sell and homes for sale are building up relative to new listings, which gives buyers more room to negotiate.

Based on a median of 68 days on market and 24% of listings with a price cut in the typical Memphis ZIP code, and 678 new listings against 2,689 active listings across Memphis, as of September 2026 (Realtor.com).

The outlook

Memphis housing market forecast 2027

-0.4%

Weighted average of Zillow's ZIP forecasts, 12 months to September 2027

A weighted average of Zillow's ZIP forecasts, across 25 Memphis ZIP codes, points to typical home values holding roughly flat by September 2027 (down 0.4%).

Over the 12 months through September 2026, typical home values in Memphis fell 2.5%, per the Zillow Home Value Index.

Will home prices drop in Memphis?

Not by much, on the forecasts: a weighted average of Zillow's ZIP forecasts for Memphis shows typical home values holding roughly flat by September 2027 (down 0.4%), after a 2.5% decline over the past 12 months. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.

How this is calculated: each ZIP code's 12-month Zillow forecast is weighted by its typical home value (Zillow Home Value Index, September 2026). 25 Memphis ZIP codes have both figures.

Forecast: a weighted average of Zillow's ZIP forecasts (Zillow Home Value Forecast, published October 2026), calculated by Home Value Pros. A forecast, not a guarantee.

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The markets

Which Memphis ZIP codes have the highest home values?

Typical value is the Zillow home value index (ZHVI) for each ZIP, as of September 2026. 1-yr change compares it to the same ZIP a year earlier. We track 53 Memphis ZIP codes in total; the remaining 28 publish as their data clears editorial QA.

Zillow ZHVI, September 2026

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Common questions

Questions about Memphis, TN home prices.

How much is a home in Memphis worth?

The typical home value in Memphis is $143,481 as of September 2026, down 2.5% over the past year. That figure is a citywide typical value, so an individual home may be worth more or less depending on condition and location.

How long does it take to sell a house in Memphis?

Homes in Memphis spend a median of 68 days on the market as of September 2026. With 24.0% of listings taking a price cut, homes priced too high tend to sit longer.

Is Memphis a buyer's or seller's market right now?

The data leans toward buyers. There were 2689 homes for sale in September 2026, values are down 2.5% over the past year, and the median list price of $195,950 sits well above the typical value of $143,481, which suggests sellers are adjusting expectations.

Are home prices going up or down in Memphis, TN?

Typical home values in Memphis, TN are down 2.5% over the past year, based on the Zillow Home Value Index as of September 2026.

Nearby markets

More Tennessee housing markets.

The market is moving

Latest housing news

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