Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$242,102+0.1% YoY · prices are flat
Market right nowBalanced, leaning buyersMore homes for sale than last year, 23% have cut their price
Income needed to buy, per year$52,483About 0.8× the local median income ($68,453): affordable for a typical household
Days on market73 daysSlower than a year ago: buyers have time to negotiate
Next 12 months−0.1%Zillow expects prices to stay about flat
The typical home in Memphis, TN-MS-AR is worth $242,102, about the same as a year ago. That is slightly above what local incomes have historically supported: fair value is about $220,661, so the area is 9.7% overvalued. It is a balanced market, leaning toward buyers: homes take about 73 days to sell, listings are up 8% from a year ago, 23% of listings have had a price cut. Zillow expects prices to fall about 0.1% over the next year. A household needs about $52,483 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $68,453. Typical rent is $1,393 a month, or $1,598 for a house. In the latest IRS figures, 7,061 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$242,102
Change in 1 year
+0.1%
Overvalued %
+9.7%
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Fair home value
$220,661
Change in 5 years
+15.5%
Zillow forecast, next 12 months
−0.1%
Home value to income
3.5×
Monthly mortgage payment (20% down)
$1,312
Income needed to afford it
$52,483
Property tax rate
0.76%
Rent and investing
Typical rent
$1,393
Typical rent for houses
$1,598
Price-to-rent ratio
14.5×
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HUD Fair Market Rent, 2 bedrooms
$1,289
Gross rental yield
6.91%
Cap rate (estimate)
4.49%
Market activity
Listings vs a year ago
+8.2%
Days on market
73
Listings with a price cut
22.6%
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Homes for sale
5,416
Pending sales per 100 listings
28
Asking price per sq ft
$152
People and jobs
Median household income
$68,453
Population change (1 year)
−0.3%
Unemployment rate
6.5%
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Population
1,341,412
Income adjusted for cost of living
$74,244
Net moves in (IRS)
−7,061
Cost of living (US = 100)
92.2
Schools, risk and environment
School rating (1 to 10)
4.9
FEMA hazard risk score (0 to 100)
92.8
Unhealthy air days a year
4
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Flood risk score
87.9
Wildfire risk score
65.7
Walkability (1 to 20)
8.9
Road, rail and air noise
53 dB
Questions people ask
Is Memphis, TN-MS-AR overvalued?
Home prices in Memphis, TN-MS-AR are slightly above what local incomes have historically supported: fair value is about $220,661, so the area is 9.7% overvalued.
Is Memphis, TN-MS-AR a buyer's or seller's market?
Memphis, TN-MS-AR is a balanced market, leaning toward buyers: homes take about 73 days to sell, listings are up 8% from a year ago, 23% of listings have had a price cut.
Are home prices going down in Memphis, TN-MS-AR?
Home values in Memphis, TN-MS-AR are up 0.1% over the last year. Zillow's forecast for the next 12 months is −0.1%.
How much do you need to earn to buy a home in Memphis, TN-MS-AR?
A household needs about $52,483 a year to afford the typical home in Memphis, TN-MS-AR at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $68,453.