Memphis Home Prices Jump 4.1% as Median Reaches $289,400

Memphis residential sales closed the second quarter of 2026 with median prices 4.1 percent above the same three months in 2025, according to data compiled by the Memphis Area Association of Realtors.

The gain arrives as mortgage rates have settled near 6.4 percent and buyers compete for fewer listings than last summer. Local agents report multiple offers on homes under $350,000, particularly those within walking distance of established amenities.

Neighborhood price shifts

In the Cooper-Young district, 42 single-family homes sold between April and June at a median of $312,000, up from $298,000 a year earlier. Properties on streets such as Young Avenue and Central Avenue moved in an average of 19 days. Further north, the University District near the University of Memphis saw 31 closings with a median price of $267,500, a 3.9 percent rise from the prior year, driven by demand from faculty and graduate students.

The Memphis Housing Authority’s ongoing rehabilitation program in the Binghampton neighborhood contributed additional volume, with 18 renovated properties listed through its partner agency closing at an average of $241,000.

Inventory and buyer response

Active listings countywide stood at 2,184 on June 30, down 11 percent from the same date in 2025. Days on market averaged 28, compared with 34 last year. The Memphis Area Association of Realtors report issued July 8 showed cash buyers accounted for 29 percent of transactions, up two points year over year.

Buyers entering the market now should review recent appraisal data for the specific zip code and consult a local lender about rate-lock options before making offers, especially on properties near Poplar Avenue and Walnut Grove Road where price growth has been strongest.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.