Is Memphis, TN 38117 a buyer’s or seller’s market?

The Memphis housing market right now

In the three months ending August 31, 2026, 9% of homes in Memphis, TN 38117 sold above their list price, the typical home went under contract in 37 days and there were 4.1 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 149 home sales.

Compared with the same period a year earlier, the share selling over asking was about the same (9% then), homes sold more slowly (31 days then) and the median sale price rose 5% to $289,875. Overall, Memphis is about as competitive as it was a year ago.

Within Shelby County, homes here sell more slowly than in 66% of the county’s ZIP codes, and sell less often over asking than in 66%. On our competition score, Memphis ranks #127 of 299 TN ZIP codes with enough sales (score 32 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.