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Memphis, TN 38118 Housing Market

Data snapshot: September 14, 2026. Closed-sale window: last 6 months.
Memphis, TN inventory balance
Homes for sale vs homes under contract. Pending-to-active ratio: 0.14
ActiveActive listings: 3737PendingPending sales: 55
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): $115k$115kSoldMedian sold price (last 6 months): $122k$122k
What homes actually sell for in Memphis, TN
Distribution of 170 closed sale prices over the last six months (5th to 95th percentile). Middle half of sales: $87k to $155k
$50k to $70k: 14 sales$50k$70k to $90k: 24 sales$90k to $110k: 20 sales$90k$110k to $130k: 32 sales32sales$130k to $150k: 24 sales$130k$150k to $170k: 20 sales$170k to $190k: 15 sales$170k$190k to $210k: 3 salesMedian $122k

What the numbers say

As of September 14, 2026, Resideline is tracking 37 active listings and 5 pending sales in ZIP code 38118. That pending-to-active ratio of 0.14 points to a balanced market: buyers have room to compare options and negotiate.

The median asking price of current listings is $114,900, while the median of the 170 closed sales Resideline tracked over the last six months was $122,000. 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 70 days.

Frequently asked questions

What is the median home price in 38118?

The median closed sale price in Memphis, TN 38118 was $122,000 over the last six months, based on 170 closed sales tracked by Resideline. The middle half of those sales ranged from $86,543 to $155,000.

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

Resideline is currently tracking 5 pending sales against 37 active listings in 38118, a pending-to-active ratio of 0.14. 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

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