Memphis, Tennessee Housing Market Prices
Memphis Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 10% below the Tennessee median$230,707
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Median rent 1% below the Tennessee median$1,173
Housing Market Overview
| Metric | Memphis | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $230,707 | $255,786 | $248,835 |
| Price Trend (Annual %) | 15.4% | 9.9% | 7.5% |
| Median Gross Rent | $1,173 | $1,188 | $1,407 |
| Rent Trend (Annual %) | 4.3% | 5.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Memphis is about 10% lower than in Tennessee. Rent is about 1% lower than the Tennessee average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Memphis, up about 15.4% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Memphis rose about 42.5% between 2015 and 2024, from $823 to $1,173. Over the same span, rent in Tennessee rose about 55.6%.
Affordability
On average, housing unit costs 4.4 yearly household incomes in Memphis.
Buying the median-priced home in Memphis costs roughly 16.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Memphis. The price-to-rent ratio in Tennessee is about 17.9.
| Metric | Memphis | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $230,707 | $255,786 | $248,835 |
| Median Household Income | $52,272 | $69,901 | $80,455 |
| Price-to-Income Ratio | 4.4 | 3.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Memphis rose about 202.7%, while median household income rose about 39.6% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Memphis | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 39.9% | 60.1% | 58.5% |
| Rental Rate | 47.5% | 29.7% | 31.2% |
| Vacancy Rate | 12.6% | 10.2% | 10.2% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Memphis has a homeownership rate of 39.9%, lower than the Tennessee average of 60.1%. Its housing vacancy rate is 12.6%, compared with 10.2% in Tennessee.
Housing Stock
| Metric | Memphis | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1970 | 1986 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in Memphis was built around 1970. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 13.0 years on average.
Memphis, TN Housing Compared With Nearby Cities
How Memphis, TN compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Memphis, TN | 607,914 | $230,707 #2/2 | $1,173 #2/2 | 45.6% #2/2 |
| Germantown, TN | 42,327 | $498,811 | $1,697 | 80.9% |
Frequently Asked Questions
Common questions about the housing market in Memphis, Tennessee.
What is the median home price in Memphis, Tennessee?
The median home price in Memphis, Tennessee is $230,707, lower than the Tennessee average of $255,786.
What is the average home price in Memphis, Tennessee?
The typical home price in Memphis, Tennessee, reported as the median sale price, is $230,707. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Memphis, Tennessee?
The median gross rent in Memphis, Tennessee is $1,173 per month, lower than the Tennessee average of $1,188.
What was the median gross rent in Memphis in 2020?
In 2020, the median gross rent in Memphis, Tennessee was $912 per month.
What is the price-to-rent ratio in Memphis, Tennessee?
The price-to-rent ratio in Memphis, Tennessee is about 16.4, meaning it would take roughly 16.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Memphis.
Are home prices or rent rising faster in Memphis, Tennessee?
Both home prices and rent are rising in Memphis, up about 15.4% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Memphis, Tennessee?
39.9% of households in Memphis, Tennessee own their home, lower than the Tennessee average of 60.1%.
What is the vacancy rate in Memphis, Tennessee?
The housing vacancy rate in Memphis, Tennessee is 12.6%, higher than the Tennessee average of 10.2%.
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