MemphisTennessee market area
23 ZIP codes · Tennessee portion of the Memphis, TN-MS-AR metro (CBSA 32820)
Truehold’s Memphis market area covers 23 ZIP codes in Tennessee. The wider Memphis, TN-MS-AR metro also includes Mississippi and Arkansas, which this report doesn’t cover.
Figures below combine those 23 ZIP codes. Read them as a picture of this market area, not of the full metro.
- Rent growth & home prices
- through Aug 31, 2026
- Population
- Census 2024
- Listings
- current · last 90 days
- Average estimated home value
- $330,754
- AVM, averaged across 206,562 homes
- Average estimated monthly rent
- $2,560
- Rent AVM, averaged across the same homes
- Gross yield
- 9.29%
- 12 × rent estimate ÷ value estimate
- Rent growth · 12 months Approx.
- ≈ 0.76%
- Through Aug 31, 2026 · covers 97% of homes
Compared with a typical Truehold market
Four rental measures for Memphis next to the typical Truehold market: the median across the 19 markets with at least 100 rentals in the last 90 days. These describe recent rental conditions, not a forecast.
- Rent growth · 12 monthsApprox.
- Memphis
- ≈ 0.76%
- Typical market
- 2.80%
Rents grew more slowly than in a typical market.
- Gross yield
- Memphis
- 9.29%
- Typical market
- 8.70%
About the same as a typical market.
- Average days on market · rented last 90 days
- Memphis
- 68.8
- Typical market
- 59.2
Slower to lease than a typical market.
- Rentals per 1,000 homes · last 90 days
- Memphis
- 3.16
- Typical market
- 1.89
More recent rentals for its size than a typical market: 653 across 206,562 homes.
Truehold publishes a top 10 of its markets, scored on these four measures. Memphis is not in the top 10 this edition.
Housing profile
The homes covered by the 23 ZIP codes’ market data. Unit counts are added together; estimates and home features are averages weighted by each ZIP’s units.
- Total units
- 206,562
- Institutional ownership
- 0.02%
- AVM
- $330,754
- Rent AVM
- $2,560
- Gross yield
- 9.29%
- Average bedrooms
- 3.4
- Average bathrooms
- 2.4
- Average square feet
- 2,192
- Average year built
- 1980
Market direction
Growth over the stated period, ending Aug 31, 2026. These are separate period measures, not a monthly time series. Each figure averages the ZIPs’ own growth rates, weighted by units, so it approximates the market-wide change.
- Home price growth · year over yearApprox.
- ≈ -0.05%
- Rent growth · 1 monthApprox.
- ≈ -0.34%
- Rent growth · 3 monthsApprox.
- ≈ -0.19%
- Rent growth · 6 monthsApprox.
- ≈ 1.7%
- Rent growth · 12 monthsApprox.
- ≈ 0.76%
- Home price growth covers
- 100.00% of units
- 12-month rent growth covers
- 97.4% of units
The rental & sale market
Current listings alongside a recent sample: rentals marked rented in the last 90 days, and sold homes first listed in the last 90 days. Counts are added across ZIPs; days on market, asking prices and institutional shares are averages weighted by each ZIP’s listing count. Sample sizes and property mix differ; these columns are not a growth calculation.
| Measure | Current | Rented · last 90 days |
|---|---|---|
| Listings | 697 | 653 |
| Average days on market | 17.5 | 68.8 |
| Institutional share of listings | 0% | 0.15% |
| Current monthly asking rent (average now · median recent) | $1,969 | Not combined |
| Measure | Current | Sold · listed in last 90 days |
|---|---|---|
| Listings | 2,181 | 887 |
| Average days on market | 95.2 | Not reported |
| Institutional share of listings | 0% | Not reported |
| Current asking price | $395,516 | Not reported |
| Median sold listing price | Not reported | Not combined |
“Not combined” marks ZIP-level medians: a median of medians isn’t the market’s median, so they appear only on each ZIP’s page. Missing prices are not zero-dollar listings.
People & supply
Population from the 2024 Census estimates, and new listing activity reported for the 23 ZIP codes. Household income is a median, so it stays on each ZIP’s page.
- Population
- 715,240
- Population growth · year over yearApprox.
- ≈ 0.34%
- New listings · last 12 months
- 9,356
- New listings · share of units
- 4.53%
All 23 ZIP codes
Sorted by hot-rental score. Select a column heading to re-sort.
| 38141 | Memphis | 67.3 | 3.21% | 11.26% | 50 | 24 | $201,039 |
|---|---|---|---|---|---|---|---|
| 38117 | Memphis | 60.1 | 2.43% | 8.74% | 49 | 47 | $381,090 |
| 38128 | Memphis | 54.7 | 1.32% | 13.49% | 75 | 53 | $157,001 |
| 38135 | Bartlett | 53.7 | -0.24% | 9.17% | 39 | 35 | $323,908 |
| 38116 | Memphis | 53.0 | 0.95% | 12.88% | 57 | 25 | $172,128 |
| 38104 | Memphis | 51.2 | 2.27% | 9.36% | 69 | 26 | $335,229 |
| 38125 | Collierville; Germantown; Memphis | 49.6 | 2.05% | 9.39% | 90 | 42 | $317,503 |
| 38115 | Memphis | 49.4 | 0.41% | 12.08% | 62 | 31 | $182,142 |
| 38118 | Memphis | 48.3 | 0.81% | 14.38% | 72 | 27 | $139,189 |
| 38112 | Memphis | 47.9 | 0.86% | 11.60% | 62 | 21 | $208,379 |
| 38138 | Germantown | 46.8 | 4.30% | 8.40% | 72 | 15 | $511,512 |
| 38053 | Millington | 45.7 | 0.91% | 9.63% | 49 | 12 | $279,153 |
| 38018 | Memphis | 45.3 | 0.35% | 9.23% | 55 | 31 | $333,088 |
| 38103 | Memphis | 44.7 | 0.20% | 8.79% | 45 | 21 | $382,822 |
| 38122 | Memphis | 44.4 | -0.75% | 12.83% | 70 | 41 | $153,833 |
| 38017 | Collierville | 41.5 | 1.31% | 7.78% | 50 | 28 | $552,797 |
| 38016 | Cordova | 39.6 | -1.30% | 9.48% | 65 | 51 | $316,241 |
| 38133 | Bartlett | 38.7 | -1.17% | 9.22% | 53 | 25 | $320,186 |
| 38134 | Memphis | 37.7 | -0.17% | 10.29% | 134 | 35 | $244,565 |
| 38002 | Lakeland | 29.9 | 0.39% | 8.39% | 105 | 29 | $446,786 |
| 38119 | Memphis | 26.4 | -2.01% | 9.49% | 115 | 20 | $346,100 |
| 38120 | Memphis | — | 0.05% | 7.96% | 70 | 7 | $565,141 |
| 38139 | Germantown | — | — | 7.57% | 31 | 7 | $698,629 |