Memphis 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

$66,900

  • -0.7% 1-year change
  • 3.8% 1-year forecast

The median home value in Memphis is $66,900. Memphis home values have declined -0.7% over the past year and Zillow predicts they will rise 3.8% within the next year. The median rent price in Memphis is $895, which is lower than the Memphis Metro median of $975.

Foreclosures will be a factor impacting home values in the next several years. In Memphis 10.7 homes are foreclosed (per 10,000). This is greater than the Memphis Metro value of 8.4 and also greater than the national value of 3.6

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 is 6.2%, which is higher than the national value of 6.0%. 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 homeowners underwater on their mortgage is 26.5%, which is higher than Memphis Metro at 23.0%.

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Relative ZHVI
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Memphis Market Overview

Data through Jul 31, 2015
  • $66,900 ZHVI
  • 3.8% 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
    (Jul 31, 2016)
  • No data Median listing price
  • $127,085 Median sale price
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Memphis Market Health

Data through Jul 31, 2015
  • 1.2/10 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.
  • No data Average days on Zillow
  • 26.5% Homes with negative equity (15.4% US Avg) (Mar 31, 2015)
  • 6.2% Delinquent on mortgage (6.0% US Avg) (Mar 31, 2015)

Homes foreclosed (per 10,000)

11 Memphis
8 Memphis Metro
4 United States
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Neighborhoods in Memphis

Name Median ZHVI
East Memphis-Colonial-Yorkshire $89,600
Hickory Ridge-South Riverdale $77,500
Raleigh $67,700
Name Median ZHVI
Midtown $59,100
White Haven-Coro Lake $56,200
Parkway Village-Oakhaven $56,000
Name Median ZHVI
Downtown Memphis $45,800
Shelby Forest-Frayser $43,300
Berclair-Highland Heights $41,200

Listings & Sales

Data through Jul 31, 2015
  • No recent data Median list price / sq ft
  • $75 Median sale price / sq ft
  • No data Listings with price cut
28.8%
Sold below previous sale price
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Memphis Rentals

Data through Jul 31, 2015
  • Zillow Rent Index

  • $855 Memphis
    $1,077 Memphis Metro
    $1,376 United States

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

  • 0.9 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Mar 31, 2015)
  • $895 Rent list price
  • $0.64 Rent list price / sq ft
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