Is Memphis, TN 38108 a buyer’s or seller’s market?
Memphis is a buyer’s market. With about 10.7 months of supply, buyers usually have more time and more room to negotiate on price and terms.
More competitive than 16% of U.S. ZIP codes, and #207 of 299 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Memphis housing market right now
In the three months ending August 31, 2026, 16% of homes in Memphis, TN 38108 sold above their list price, the typical home went under contract in 45 days and there were 10.7 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. That’s based on 38 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 8%, homes sold faster (48 days then) and the median sale price rose 46% to $93,959. Overall, Memphis is more competitive than a year ago, so tougher for buyers.
Within Shelby County, homes here sell more slowly than in 75% of the county’s ZIP codes, and sell more often over asking than in 69%. On our competition score, Memphis ranks #207 of 299 TN ZIP codes with enough sales (score 22 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.
Run the numbers for 38108
Nearby markets
Arlington 38002Seller’s market $164 /sq ftCollierville 38017Seller’s market $180 /sq ftCordova 38016Seller’s market $133 /sq ftCordova 38018Seller’s market $147 /sq ft Browse all markets →Towns like Memphis nearby
Find towns like Memphis in other states →Where Memphis is
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Questions about Memphis real estate
Is Memphis a buyer’s or seller’s market?
A buyer’s market: there were 10.7 months of supply in Memphis, TN 38108 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Memphis?
The typical home went under contract in 45 days in the latest three months.
Do homes in Memphis sell over asking?
16% of homes sold above their original list price, and the typical sale closed at 91.7% of the list price.
What are property taxes in Memphis?
About 0.98% of a home’s value a year in Shelby County, or roughly $3,920 on a $400,000 home.
What is the median home price in Memphis?
The median sale price was $93,959 in the three months ending August 31, 2026, about $72 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology