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Memphis, TN 38118 Housing Market

Data snapshot: October 5, 2026. Closed-sale window: last 6 months.
Memphis, TN inventory balance
Homes for sale vs homes under contract. Pending-to-active ratio: 0.16
ActiveActive listings: 4545PendingPending sales: 77
Memphis, TN: what sellers ask vs what buyers pay
Median asking price of current listings vs median closed sale price over the last six months
AskingMedian asking price (current listings): $130k$130kSoldMedian sold price (last 6 months): $120k$120k
What homes actually sell for in Memphis, TN
Distribution of 159 closed sale prices over the last six months (5th to 95th percentile). Middle half of sales: $86k to $155k
$54k to $74k: 15 sales$54k$74k to $93k: 26 sales$93k to $112k: 18 sales$93k$112k to $132k: 32 sales32sales$132k to $152k: 18 sales$132k$152k to $171k: 21 sales$171k to $190k: 12 sales$171k$190k to $210k: 3 salesMedian $120k

What the numbers say

As of October 5, 2026, Resideline is tracking 45 active listings and 7 pending sales in ZIP code 38118. That pending-to-active ratio of 0.16 points to a balanced market: buyers have room to compare options and negotiate.

The median asking price of current listings is $130,000, while the median of the 159 closed sales Resideline tracked over the last six months was $120,000. Those two figures describe different sets of homes, so any gap between them reflects the mix of what is listed now versus what recently sold, not a negotiating discount. Resideline has been seeing the median active listing in 38118 for 72 days.

Frequently asked questions

What is the median home price in 38118?

The median closed sale price in Memphis, TN 38118 was $120,000 over the last six months, based on 159 closed sales tracked by Resideline. The middle half of those sales ranged from $86,000 to $155,000.

Is 38118 a buyer's or seller's market?

Resideline is currently tracking 7 pending sales against 45 active listings in 38118, a pending-to-active ratio of 0.16. Ratios of 0.6 or higher usually indicate a seller's market, 0.35 to 0.6 a competitive market, and lower values a more balanced one. By that yardstick, 38118 currently looks like a balanced market.

Nearby ZIP code market data

Full Memphis, TN housing market report →

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