Is Memphis, TN 38125 a buyer’s or seller’s market?

The Memphis housing market right now

In the three months ending August 31, 2026, 14% of homes in Memphis, TN 38125 sold above their list price, the typical home went under contract in 21 days and there were 3.6 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 65 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 21%, homes sold faster (24 days then) and the median sale price fell 2% to $284,877. Overall, Memphis is less competitive than a year ago, which gives buyers more room.

Within Shelby County, homes here sell faster than in 91% of the county’s ZIP codes, and sell more often over asking than in 59%. On our competition score, Memphis ranks #56 of 299 TN ZIP codes with enough sales (score 41 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.