Shelby County, Tennessee Housing Market Prices
Shelby County 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 2% below the Tennessee median$250,964
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Median rent 4% above the Tennessee median More expensive than 89% of counties in Tennessee$1,231
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Shelby County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $250,964 | $255,786 | $248,835 |
| Price Trend (Annual %) | 13.9% | 9.9% | 7.5% |
| Median Gross Rent | $1,231 | $1,188 | $1,407 |
| Rent Trend (Annual %) | 4.4% | 5.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Shelby County is about 2% lower than in Tennessee. Rent is about 4% higher 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 Shelby County, up about 13.9% and 4.4% a year respectively. Home prices are changing faster.
Median rent in Shelby County rose about 43.4% between 2015 and 2024, from $858 to $1,231. Over the same span, rent in Tennessee rose about 55.6%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Shelby County.
Buying the median-priced home in Shelby County costs roughly 17.0 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 Shelby County. The price-to-rent ratio in Tennessee is about 17.9.
| Metric | Shelby County | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $250,964 | $255,786 | $248,835 |
| Median Household Income | $64,222 | $69,901 | $80,455 |
| Price-to-Income Ratio | 3.9 | 3.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Shelby County rose about 177.1%, while median household income rose about 41.5% 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 | Shelby County | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.6% | 60.1% | 58.5% |
| Rental Rate | 41.1% | 29.7% | 31.2% |
| Vacancy Rate | 10.3% | 10.2% | 10.2% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Shelby County has a homeownership rate of 48.6%, lower than the Tennessee average of 60.1%. Its housing vacancy rate is 10.3%, compared with 10.2% in Tennessee.
Housing Stock
| Metric | Shelby County | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1978 | 1986 | 1978 |
| Median Number of Rooms | 5.7 | 5.7 | 5.5 |
The typical housing unit in Shelby County was built around 1978. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 14.0 years on average.
Shelby County, TN Housing Compared With Nearby Counties
Shelby County, TN is the largest of the 5 counties compared here, 918,438 residents against a local median of 54,432. Where Shelby County, TN breaks from the counties next to it is homeownership, sitting 30% below the local median of 77.1% at 54.1%. That is the weaker end of the local range on this measure.
Median rent tells the same story from another angle: $1,231 against a local median of $966, 27% above it. The counties themselves spread 24.4% on homeownership, so Shelby County, TN sits at one end of an already wide local range rather than apart from it. Shelby County, TN has the 5th highest homeownership of the 5 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Shelby County, TN | 918,438 | $250,964 #3/5 | $1,231 #2/5 | 54.1% #5/5 |
| DeSoto County, MS | 191,302 | $136,029 | $1,451 | 77.9% |
| Tipton County, TN | 61,301 | $333,403 | $1,012 | 76.3% |
| Crittenden County, AR | 47,563 | $164,627 | $920 | 57.0% |
| Fayette County, TN | 43,762 | $422,563 | $909 | 81.5% |
Frequently Asked Questions
Common questions about the housing market in Shelby County, Tennessee.
What is the median home price in Shelby County, Tennessee?
The median home price in Shelby County, Tennessee is $250,964, lower than the Tennessee average of $255,786.
What is the average home price in Shelby County, Tennessee?
The typical home price in Shelby County, Tennessee, reported as the median sale price, is $250,964. 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 Shelby County, Tennessee?
The median gross rent in Shelby County, Tennessee is $1,231 per month, higher than the Tennessee average of $1,188.
What was the median gross rent in Shelby County in 2020?
In 2020, the median gross rent in Shelby County, Tennessee was $956 per month.
What is the price-to-rent ratio in Shelby County, Tennessee?
The price-to-rent ratio in Shelby County, Tennessee is about 17.0, meaning it would take roughly 17.0 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 Shelby County.
Are home prices or rent rising faster in Shelby County, Tennessee?
Both home prices and rent are rising in Shelby County, up about 13.9% and 4.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Shelby County, Tennessee?
48.6% of households in Shelby County, Tennessee own their home, lower than the Tennessee average of 60.1%.
What is the vacancy rate in Shelby County, Tennessee?
The housing vacancy rate in Shelby County, Tennessee is 10.3%, higher than the Tennessee average of 10.2%.
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