Is Memphis, TN 38122 a buyer’s or seller’s market?

The Memphis housing market right now

In the three months ending August 31, 2026, 7% of homes in Memphis, TN 38122 sold above their list price, the typical home went under contract in 49 days and there were 7.6 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 60 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 9%, homes sold more slowly (32 days then) and the median sale price fell 5% to $159,831. Overall, Memphis is less competitive than a year ago, which gives buyers more room.

Within Shelby County, homes here sell more slowly than in 78% of the county’s ZIP codes, and sell less often over asking than in 84%. On our competition score, Memphis ranks #271 of 299 TN ZIP codes with enough sales (score 13 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.