Home Values

Memphis Metro Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$107,600

  • 2.0% 1-year change
  • 3.1% 1-year forecast

Market Temperature

Based on three metrics—sale-to-list price ratio, the prevalence of price cuts on home listings, and time-on-market—the market temperature provides information on the current balance of bargaining power between buyers and sellers in this metro relative to other metros across the US. A particular metro may be identified as a good market for buyers in a national market favorable to sellers overall. Learn more

Warm

Buyers' Market
Sellers' Market

The median home value in Memphis Metro is $107,600. Memphis Metro home values have gone up 2.0% over the past year and Zillow predicts they will rise 3.1% within the next year. The median list price per square foot in Memphis Metro is $75, which is lower than the Tennessee average of $96. The median price of homes currently listed in Memphis Metro is $135,000 while the median price of homes that sold is $151,325. The median rent price in Memphis Metro is $900, which is lower than the Tennessee median of $995.

Foreclosures will be a factor impacting home values in the next several years. In Memphis Metro 7.2 homes are foreclosed (per 10,000). This is greater than the national value of 4.2

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Memphis Metro is 6.4%, which is lower than the national value of 6.4%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Memphis Metro homeowners underwater on their mortgage is 24.8%.

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Relative ZHVI
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Memphis Metro Market Overview

Data through Nov 30, 2014
  • $107,600 ZHVI
  • 3.1% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Nov 30, 2015)
  • $135,000 Median listing price
  • $151,325 Median sale price
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Memphis Metro Market Health

Data through Nov 30, 2014
  • 0.9/10 Less healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
  • 100 Average days on Zillow (Oct 31, 2014)
  • 24.8% Homes with negative equity (16.9% US Avg) (Sep 30, 2014)
  • 6.4% Delinquent on mortgage (6.4% US Avg) (Sep 30, 2014)

Homes foreclosed (per 10,000)

7.2 homes Memphis Metro
4.2 homes United States
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Cities in Memphis Metro

Name Median ZHVI
Germantown $281,000
Collierville $266,400
Lakeland $242,000
Name Median ZHVI
Arlington $204,300
Bartlett $158,800
Millington $105,500
Name Median ZHVI
Covington $97,700
Memphis $66,500
 

Listings & Sales

Data through Nov 30, 2014
  • $75 Median list price / sq ft
  • $77 Median sale price / sq ft
  • No data Listings with price cut
32.8%
Sold below listing
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Memphis Metro Rentals

Data through Nov 30, 2014
  • Zillow Rent Index

  • $1,062 Memphis Metro
    $1,040 Tennessee
    $1,342 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 1.2 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $900 Rent list price
  • $0.67 Rent list price / sq ft
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