Market Overview
Home Prices in Memphis, TN
The median home value in Memphis, TN is $146,746 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 3% compared to a year ago and down 1.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Memphis are priced64% below average. Memphis is part of the Memphis, TN-MS-AR metro area.
Over the past five years, Memphis home values have risen by approximately9.7%, reflecting steady appreciation in this market.
Price History
Memphis Home Price Trend
City Comparison
Memphis vs. National Median
At $146,746, homes in Memphis cost 64% below the national median of $410,000. This makes Memphis a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Memphis?
20% Down Payment
$29,349
on $146,746
Monthly P&I
$765/mo
30-yr @ 6.8%
Total Monthly Est.
~$972/mo
incl. taxes & insurance
Income Needed
$38,880
gross annual (30% rule)
10% Down Option
$14,675
+ PMI applies
Loan Amount (20% dn)
$117,397
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Memphis, TN?
The median home value in Memphis is $146,746 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 3% year-over-year.
How much have home prices changed in Memphis?
Over the past year, home values in Memphis have decreased by 3%. Over five years, prices have risen approximately 9.7%.
How much do I need to earn to buy a home in Memphis?
To comfortably afford the median home price of $146,746 with a 20% down payment ($29,349) at today's rates (6.8%), you'd need a gross annual income of approximately $38,880. This assumes keeping total housing costs at or below 30% of gross income.
How does Memphis compare to the national average home price?
The national median home value is approximately $410,000. At $146,746, homes in Memphis are 64% below the national average.
What metro area is Memphis part of?
Memphis is part of the Memphis, TN-MS-AR metropolitan area. Home prices and market conditions can vary across the broader metro region.