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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Memphis, TN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Memphis, TN Housing Market Trends

With a population of 621,056, 251,586 total housing units (homes and apartments), and a median house value of $167,147, house prices in Memphis are solidly below the national average.

Single-family detached homes are the single most common housing type in Memphis, accounting for 60.50% of the city's housing units. Other types of housing that are prevalent in Memphis include large apartment complexes or high rise apartments ( 24.15%), duplexes, homes converted to apartments or other small apartment buildings ( 9.02%), and a few row houses and other attached homes ( 5.29%).

The most prevalent building size and type in Memphis are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 45.54% owning and 54.46% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Memphis's housing was primarily built during this period, from the '40s through the '60s. A full 42.69% of the city's housing hails from this era. Other housing ages represented in Memphis include homes built between 1970-1999 ( 39.76%) and housing constructed between 2000 and later ( 9.96%). There's also some housing in Memphis built before 1939 ( 7.59%).

Vacant housing appears to be an issue in Memphis. Fully 13.26% of the housing stock is classified as vacant. Left unchecked, vacant Memphis homes and apartments can be a drag on the real estate market, holding Memphis real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Memphis Home Appreciation Rates

In the last 10 years, Memphis has experienced some of the highest home appreciation rates of any community in the nation. Memphis real estate appreciated 110.69% over the last ten years, which is an average annual home appreciation rate of 7.74%, putting Memphis in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Memphis definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Memphis appreciation rates have trailed the rest of the nation. In the last twelve months, Memphis's appreciation rate has been 2.49%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Memphis were at -1.15%, which equates to an annual appreciation rate of -4.52%.

Notably, Memphis's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Tennessee, our data show that Memphis's latest annual appreciation rate is lower than 80% of the other cities and towns in Tennessee.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Memphis differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Memphis - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Memphis real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$167,147

Memphis, TN Home Prices
> $1,355,000
$1,016,001 - $1,355,000
$678,001 - $1,016,000
$542,001 - $678,000
$407,001 - $542,000
$271,001 - $407,000
$135,001 - $271,000
$68,001 - $135,000
$0 - $68,000
1.1%
1.1%
1.1%
1.1%
2.9%
2.9%
3.5%
3.5%
6.3%
6.3%
13.2%
13.2%
30.6%
30.6%
30.5%
30.5%
10.9%
10.9%
0% 100.0%
% of Homes
Very Low

for Tennessee

Low

for nation

Number of Homes And Apartments:

251,586

Memphis Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,804 / per month

Homeownership Rate

Owners
Renters
45.5%
45.5%
54.5%
54.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
13.3%
13.3%
86.7%
86.7%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
10.0%
10.0%
39.8%
39.8%
42.7%
42.7%
7.6%
7.6%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
60.5%
60.5%
5.3%
5.3%
9.0%
9.0%
24.1%
24.1%
1.0%
1.0%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.2%
2.2%
11.8%
11.8%
30.3%
30.3%
41.2%
41.2%
11.4%
11.4%
3.1%
3.1%
0% 100.0%
% of Homes