Is Memphis, TN 38141 a buyer’s or seller’s market?
Memphis is a seller’s market. With about 2.4 months of supply and 22% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
More competitive than 64% of U.S. ZIP codes, and #1 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, 22% of homes in Memphis, TN 38141 sold above their list price, the typical home went under contract in 20 days and there were 2.4 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 38 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 13%, homes sold about as fast and the median sale price held steady to $195,915. Overall, Memphis is more competitive than a year ago, so tougher for buyers.
Within Shelby County, homes here sell faster than in 97% of the county’s ZIP codes, and sell more often over asking than in 91%. On our competition score, Memphis ranks #1 of 299 TN ZIP codes with enough sales (score 61 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) is even more competitive.
Run the numbers for 38141
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 seller’s market: there were 2.4 months of supply in Memphis, TN 38141 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 20 days in the latest three months.
Do homes in Memphis sell over asking?
22% of homes sold above their original list price, and the typical sale closed at 98.8% 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 $195,915 in the three months ending August 31, 2026, about $126 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