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Memphis, TN 38120 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: 0.05
ActiveActive listings: 3737PendingPending sales: 22
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): $360k$360kSoldMedian sold price (last 6 months): $455k$455k
What homes actually sell for in Memphis, TN
Distribution of 166 closed sale prices over the last six months (5th to 95th percentile). Middle half of sales: $310k to $710k
$93k to $306k: 32 sales$93k$306k to $520k: 62 sales62sales$520k to $733k: 25 sales$520k$733k to $946k: 18 sales$946k to $1.16M: 10 sales$946k$1.16M to $1.37M: 1 sales$1.37M to $1.59M: 1 sales$1.37M$1.59M to $1.8M: 0 salesMedian $455k

What the numbers say

As of September 14, 2026, Resideline is tracking 37 active listings and 2 pending sales in ZIP code 38120. That pending-to-active ratio of 0.05 points to a balanced market: buyers have room to compare options and negotiate.

The median asking price of current listings is $360,000, while the median of the 166 closed sales Resideline tracked over the last six months was $455,000. 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 38120 for 64 days.

Frequently asked questions

What is the median home price in 38120?

The median closed sale price in Memphis, TN 38120 was $455,000 over the last six months, based on 166 closed sales tracked by Resideline. The middle half of those sales ranged from $310,000 to $709,900.

Is 38120 a buyer's or seller's market?

Resideline is currently tracking 2 pending sales against 37 active listings in 38120, a pending-to-active ratio of 0.05. 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, 38120 currently looks like a balanced market.

Nearby ZIP code market data

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