Memphis TN

map preview
Please wait, loading your map...

Memphis, TN Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Memphis Housing Market Information

With 651,073 people, 250,812 houses or apartments, and a median cost of homes of $107,229, house prices in Memphis are some of the most affordable in Tennessee as well as the nation.

Single-family detached homes are the single most common housing type in Memphis, accounting for 60.10% of the city's housing units. Other types of housing that are prevalent in Memphis include large apartment complexes or high rise apartments ( 24.64%), duplexes, homes converted to apartments or other small apartment buildings ( 9.76%), and a few row houses and other attached homes ( 4.46%).

The most prevalent building size and type in Memphis are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 45.80% owning and 54.20% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Memphis's housing was primarily built during this period, from the '40s through the '60s. A full 43.58% of the city's housing hails from this era. Other housing ages represented in Memphis include homes built between 1970-1999 ( 39.81%) and housing constructed between 2000 and later ( 8.82%). There's also some housing in Memphis built before 1939 ( 7.79%).

Vacant housing appears to be an issue in Memphis. Fully 16.15% of the housing stock is classified as vacant. Left unchecked, vacant Memphis homes and apartments can be a drag on the real estate market, holding Memphis real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Memphis Home Appreciation Rates

Appreciation rates for homes in Memphis have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 33.80%, which ranks in the top 40% nationwide. This equates to an annual average Memphis house appreciation rate of 2.95%.

Appreciation rates are so strong in Memphis that despite a nationwide downturn in the housing market, Memphis real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Memphis appreciation rates continue to be some of the highest in America, at 5.30%, which is higher than appreciation rates in 77.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Memphis. Memphis appreciation rates in the latest quarter were at 0.97%, which equates to an annual appreciation rate of 3.94%.

Relative to Tennessee, our data show that Memphis's latest annual appreciation rate is lower than 70% of the other cities and towns in Tennessee.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Memphis differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Memphis - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Memphis real estate investment or home purchase decisions.

Average Home Values


Median Home Value:


Value Range
> $1,254,000 0.6
$941,001 - $1,254,000 0.6
$627,001 - $941,000 1.6
$502,001 - $627,000 1.6
$376,001 - $502,000 3.1
$251,001 - $376,000 7.1
$125,001 - $251,000 26.3
$63,001 - $125,000 40.7
$0 - $63,000 18.4

Very Low for TN
Very Low for Nation

Value Relative to Nation Value Relative to State
82.7970802919708 88.0102040816327

Number Of Homes And Apartments:

Memphis Appreciation Rates

Time Period Total Appreciation Avg. Annual Rate Compared To
Compared To
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
38.57% 1.58%
* 10 is highest

Rent & Ownership


Average Market Rent:
$1,187 / per month

Homeownership Rate

Owners 45.80
Renters 54.20
Vacant 16.15

Housing Market Details


Age of Homes

2000 or Newer 8.8
1970 - 1999 39.8
1940 - 1969 43.6
1939 or Older 7.8

Types of Homes

Single-Family 60.1
Townhomes 4.5
Small Apt. Buildings 9.8
Apt. Complexes 24.6
Mobile Homes 1.0
Other 0.0

Home Size

No Bedroom 1.84
1 Bedroom 12.57
2 Bedrooms 31.61
3 Bedrooms 40.03
4 Bedrooms 11.27
5 or more bedrooms 2.67