Memphis housing market
Typical home value
$242K
▲ 0.1% 1 yr
Typical rent
$1,393/mo
▲ 1.1% 1 yr
12-month forecast
−0.1%
#471 of 546 metros
Gross rent yield
6.9%
#138 of 546 · U.S. 6.3%
Days to pending
64 days
▲ +6 days 1 yr
Listings with a price cut
30%
▲ +0.1 pts 1 yr
Key takeaways
- 1The typical home is worth $242,102, up 0.1% in a year and up 16% over five years.
- 2Zillow forecasts home values falling 0.1% over the next 12 months (U.S.: +1.1%).
- 3Typical rent is $1,393/mo (+1.1% YoY), a 6.9% gross yield, above the U.S. 6.3%.
- 4At 7.32% with 20% down, the typical home costs $1,330/mo in principal and interest, $63 less than renting.
- 5Homes go under contract in 64 days (+6 days vs last year); 30% of listings have had a price cut.
Market temperature
Strong buyer's market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 26/100, #486 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
How fast homes are selling
For saleNew listings
Affordability
To buy (20% down)To rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Memphis compares
| Measure | Memphis | United States | Rank of 546 |
|---|---|---|---|
| Home value, 1-yr change | +0.1% | +1.2% | #444 |
| Home value, 5-yr change | +15.5% | +19.7% | |
| 12-month forecast | −0.1% | +1.1% | #471 |
| Rent, 1-yr change | +1.1% | +2.7% | #472 |
| Gross rent yield | 6.9% | 6.3% | #138 |
| Price-to-rent ratio | 14.5 | 15.8 | |
| Mortgage P&I on typical home | $1,330 | $2,012 | |
| Income needed to buy | $71,025 | $100,902 | |
| Days to pending | 64 | 56 |
Cities in the Memphis metro
11 cities with home value and rent data.
| Memphis | $152K | ▼ 2.8% | $1,259 | ▲ 1.7% | 10.0% |
| Bartlett | $318K | ▼ 1.0% | $1,858 | ▼ 1.6% | 7.0% |
| Olive Branch | $334K | ▲ 1.0% | $1,829 | ▼ 0.1% | 6.6% |
| Collierville | $503K | ▼ 1.4% | $1,891 | ▲ 2.2% | 4.5% |
| Southaven | $273K | ▲ 1.3% | $1,575 | ▲ 0.1% | 6.9% |
| Germantown | $481K | ▼ 1.1% | $2,319 | ▲ 6.2% | 5.8% |
| Cordova | $298K | ▼ 2.0% | $1,692 | ▼ 0.5% | 6.8% |
| Hernando | $347K | ▲ 2.1% | $2,167 | ▲ 0.2% | 7.5% |
| Horn Lake | $202K | ▲ 0.6% | $1,485 | ■ 0.0% | 8.8% |
| Millington | $235K | ▲ 1.8% | $1,533 | ▲ 0.3% | 7.8% |
| Oakland | $351K | ▼ 2.2% | $2,080 | ▲ 4.2% | 7.1% |
Run the numbers
Rental property calculator
Cash flow on a typical Memphis rental ($242K, $1,393/mo), pre-filled.
Mortgage calculator
Monthly payment on a typical Memphis home.
Rent vs buy
Is it cheaper to rent or buy in Memphis?
Other Tennessee metros
Nashville, TN
$449K home$1,803 rent4.8% yield
▼ 0.5% 1 yr
Knoxville, TN
$363K home$1,725 rent5.7% yield
▲ 1.9% 1 yr
Chattanooga, TN
$319K home$1,509 rent5.7% yield
▼ 0.3% 1 yr
Clarksville, TN
$289K home$1,343 rent5.6% yield
▲ 0.2% 1 yr
Kingsport, TN
$243K home$1,330 rent6.6% yield
▲ 1.1% 1 yr
Johnson City, TN
$280K home$1,488 rent6.4% yield
▲ 1.4% 1 yr
Jackson, TN
$202K home$1,393 rent8.3% yield
▲ 0.7% 1 yr
Morristown, TN
$297K home$1,560 rent6.3% yield
▲ 2.7% 1 yr
Gross yield = 12 × typical rent ÷ typical home value, before expenses. Mortgage estimate: 20% down, 30-year fixed at the current Freddie Mac average, principal and interest only. Forecast: Zillow Home Value Forecast. Data refreshed Oct 26, 2026.