Is Memphis, TN 38104 a buyer’s or seller’s market?

The Memphis housing market right now

In the three months ending August 31, 2026, 3% of homes in Memphis, TN 38104 sold above their list price, the typical home went under contract in 55 days and there were 6 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 83 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 11%, homes sold more slowly (43 days then) and the median sale price rose 2% to $304,868. Overall, Memphis is less competitive than a year ago, which gives buyers more room.

Within Shelby County, homes here sell more slowly than in 84% of the county’s ZIP codes, and sell less often over asking than in 91%. On our competition score, Memphis ranks #269 of 299 TN ZIP codes with enough sales (score 14 out of 100).

Nearby, buyers who want less competition could look at Memphis 38105 (0% sold over asking) or Ellendale 38029 (0% sold over asking), while Memphis 38126 (50% sold over asking) and Cordova 38018 (22% sold over asking) are even more competitive.