Memphis market pulse
Real public data for Memphis's ZIP codes, updated as the agencies publish.
Metro prices
-0.7%
in 1 year · Memphis metro · 2025 Q2–2026 Q2
Past change, not a forecast.
Data table
| Quarter | Index | Change since 2025 Q2 |
|---|---|---|
| 2025 Q2 | 321.2 | — |
| 2025 Q3 | 314.6 | -2.1% |
| 2025 Q4 | 316.7 | -1.4% |
| 2026 Q1 | 309.6 | -3.6% |
| 2026 Q2 | 319.1 | -0.7% |
Each index has its own base, so compare its changes, not its level.
Details
FHFA's purchase-only index for Memphis, TN-MS-AR: repeat sales of the same houses, from mortgages Fannie Mae and Freddie Mac purchased or securitized. It isn't seasonally adjusted, so each span starts in the quarter it ends.
+21%
in 5 years · Memphis metro · 2021 Q2–2026 Q2
Past change, not a forecast.
Data table
| Quarter | Index | Change since 2021 Q2 |
|---|---|---|
| 2021 Q2 | 264.6 | — |
| 2021 Q3 | 271.5 | +2.6% |
| 2021 Q4 | 282.0 | +6.6% |
| 2022 Q1 | 296.0 | +12% |
| 2022 Q2 | 306.6 | +16% |
| 2022 Q3 | 307.0 | +16% |
| 2022 Q4 | 310.4 | +17% |
| 2023 Q1 | 311.4 | +18% |
| 2023 Q2 | 313.3 | +18% |
| 2023 Q3 | 314.4 | +19% |
| 2023 Q4 | 312.3 | +18% |
| 2024 Q1 | 315.2 | +19% |
| 2024 Q2 | 317.6 | +20% |
| 2024 Q3 | 315.5 | +19% |
| 2024 Q4 | 313.4 | +18% |
| 2025 Q1 | 317.6 | +20% |
| 2025 Q2 | 321.2 | +21% |
| 2025 Q3 | 314.6 | +19% |
| 2025 Q4 | 316.7 | +20% |
| 2026 Q1 | 309.6 | +17% |
| 2026 Q2 | 319.1 | +21% |
Each index has its own base, so compare its changes, not its level.
Details
FHFA's purchase-only index for Memphis, TN-MS-AR: repeat sales of the same houses, from mortgages Fannie Mae and Freddie Mac purchased or securitized. It isn't seasonally adjusted, so each span starts in the quarter it ends.
+82%
in 10 years · Memphis metro · 2016 Q2–2026 Q2
Past change, not a forecast.
Data table
| Quarter | Index | Change since 2016 Q2 |
|---|---|---|
| 2016 Q2 | 175.2 | — |
| 2016 Q3 | 177.1 | +1.1% |
| 2016 Q4 | 178.0 | +1.6% |
| 2017 Q1 | 180.8 | +3.2% |
| 2017 Q2 | 187.0 | +6.7% |
| 2017 Q3 | 190.4 | +8.7% |
| 2017 Q4 | 189.5 | +8.2% |
| 2018 Q1 | 192.4 | +9.8% |
| 2018 Q2 | 198.8 | +13% |
| 2018 Q3 | 199.7 | +14% |
| 2018 Q4 | 200.2 | +14% |
| 2019 Q1 | 203.8 | +16% |
| 2019 Q2 | 211.1 | +20% |
| 2019 Q3 | 214.5 | +22% |
| 2019 Q4 | 217.7 | +24% |
| 2020 Q1 | 220.8 | +26% |
| 2020 Q2 | 225.3 | +29% |
| 2020 Q3 | 237.2 | +35% |
| 2020 Q4 | 238.8 | +36% |
| 2021 Q1 | 249.3 | +42% |
| 2021 Q2 | 264.6 | +51% |
| 2021 Q3 | 271.5 | +55% |
| 2021 Q4 | 282.0 | +61% |
| 2022 Q1 | 296.0 | +69% |
| 2022 Q2 | 306.6 | +75% |
| 2022 Q3 | 307.0 | +75% |
| 2022 Q4 | 310.4 | +77% |
| 2023 Q1 | 311.4 | +78% |
| 2023 Q2 | 313.3 | +79% |
| 2023 Q3 | 314.4 | +79% |
| 2023 Q4 | 312.3 | +78% |
| 2024 Q1 | 315.2 | +80% |
| 2024 Q2 | 317.6 | +81% |
| 2024 Q3 | 315.5 | +80% |
| 2024 Q4 | 313.4 | +79% |
| 2025 Q1 | 317.6 | +81% |
| 2025 Q2 | 321.2 | +83% |
| 2025 Q3 | 314.6 | +80% |
| 2025 Q4 | 316.7 | +81% |
| 2026 Q1 | 309.6 | +77% |
| 2026 Q2 | 319.1 | +82% |
Each index has its own base, so compare its changes, not its level.
Details
FHFA's purchase-only index for Memphis, TN-MS-AR: repeat sales of the same houses, from mortgages Fannie Mae and Freddie Mac purchased or securitized. It isn't seasonally adjusted, so each span starts in the quarter it ends.
ZIP by ZIP
+106%
The median ZIP's house price index, 2015–2025. 20 ZIPs, from +53% to +132%.
One-year ZIP changes are noisy: of last year's top-3 ZIPs in our 50 cities, 1 in 15 was top 3 again. Past change, not a forecast.
About these figures
FHFA's experimental ZIP house price index: houses with Fannie Mae or Freddie Mac loans, from sales and refinance appraisals. Condos, co-ops and multi-unit buildings aren't in it. 23 of Memphis's 26 ZIPs have an index; FHFA publishes one only where enough sales exist. A ZIP whose index stops before the latest year shows the year it ends instead of changes. Each index has its own base, so compare a ZIP's changes, not its level.
Rent or buy here
EstimateMonthly housing payment (est.): 20% down · 30-year fixed at 7.03% (Freddie Mac average) · 360 monthly loan payments of $1,548 · APR not calculated (it depends on the lender's fees) · includes principal and interest, property tax, home insurance and any HOA dues, plus mortgage insurance below 20% down.7.03% is Freddie Mac's average 30-year fixed rate for the week of Sep 24, 2026, for buyers with 20% down and excellent credit. It isn't an offer or an APR.Source: Freddie Mac Primary Mortgage Market Survey · Sep 24, 2026 (opens in a new tab)$106
a month more to own a typical sample home than HUD's rent for its size, ZIP 38104
- Own: 3-bedroom sample house, $289,900Sample: fictional home, for the demo.
- EstimateMonthly housing payment (est.): 20% down · 30-year fixed at 7.03% (Freddie Mac average) · 360 monthly loan payments of $1,548 · APR not calculated (it depends on the lender's fees) · includes principal and interest, property tax, home insurance and any HOA dues, plus mortgage insurance below 20% down.7.03% is Freddie Mac's average 30-year fixed rate for the week of Sep 24, 2026, for buyers with 20% down and excellent credit. It isn't an offer or an APR.Source: Freddie Mac Primary Mortgage Market Survey · Sep 24, 2026 (opens in a new tab)$2,016 a monthNot included: upkeep, utilities, flood insurance, special assessments.
- Rent: HUD fair market rent, 3 bedrooms
- $1,910 a monthHUD Small Area Fair Market Rent, FY2027: a 40th-percentile rent for a standard home, utilities included. Not an asking rent.
Lending
6.5%
Median rate, 30-year fixed conventional · 1,359 loans · 2025
2025 home-purchase loans (first liens) on owner-occupied 1–4 unit homes in Memphis's census tracts: 2,935 loans. Loans that closed, not offers: a rate depends on your credit, down payment, points and the day you lock it.
- Middle half of rates
- 6.125% to 6.75%
- Loan costs at closing
- $4,801 medianMiddle half $4,049 to $6,156: origination charges (points included) and settlement services, Closing Disclosure section D · 1,588 loans
- Loan limits, 2026
- $832,750 conformingAbove it, a jumbo loan with its own rates and rules; FHA limit $541,287 (one-unit home, Shelby County). Limits set by FHFA and HUD.
More lending figures
- Borrowed, every loan on the home combined
- 96.5% of the value (median)Middle half 85% to 97%. 78.2% of buyers borrowed more than 80% of the value, 65.6% more than 90%, 54% more than 95%. HMDA's combined loan-to-value counts every loan on the home (second loans, down-payment-assistance loans, financed FHA or VA fees) against the value the lender used, so it doesn't show the cash buyers put down · 2,717 loans
- Loan types
- Conventional 57.7% · FHA 34.4%VA 7.9% · USDA 0%
- Discount points
- 43.8% of loans paid pointsMedian paid: $1,663. Points buy a lower rate.
For comparison: 7.03% is Freddie Mac's average 30-year fixed rate for the week of Sep 24, 2026, for buyers with 20% down and excellent credit. It isn't an offer or an APR.
Flood and insurance
$2,053 a year
Median of 25 Memphis ZIPs' average homeowners premiums, 2022. Premiums have risen since; get quotes for your address.
- Federal flood insurance
- 1,066 policies in force · 396 claims since 2000FEMA National Flood Insurance Program, summed over 26 ZIPs (policies in force Jun 30, 2026; claims since 2000). Private flood policies aren't counted.
- Policies insurers didn't renew
- 1.9% in the median ZIPU.S. Treasury Federal Insurance Office, 2022.
Most homeowners policies exclude flood, so flood insurance is a separate policy. Source: FEMA FloodSmart: What is my flood risk?, retrieved 2026-10-09 (opens in a new tab) Check an address on FEMA's flood map (opens in a new tab)
County hazard ratings (FEMA)
Natural hazards, compared with other U.S. counties
- Shelby County, TN: expected yearly losses rated very high for tornado; expected yearly losses rated relatively high for earthquake, inland flooding, heat wave, winter weather.
Other ratings for Shelby County, TN
- WildfireRelatively Low
- HurricaneRelatively Low
- HailVery Low
FEMA National Risk Index December 2025: Expected Annual Loss rating of each hazard, by county (NRI December 2025): expected annual losses to buildings, people and agriculture; FEMA's social-vulnerability adjustments aren't included. This describes each county, not one home. Check an address on FEMA's flood map; in a high-risk flood zone, a federally backed loan requires flood insurance.
What's new in Memphis
Rail openings, zoning changes and big projects from primary sources, newest first. News, not a price forecast.
- Project
I-55 replacement bridge wins federal construction funding
Tennessee and Arkansas received a major federal grant for a replacement Mississippi River crossing. This is a funding milestone, not a claim that the new bridge is open.
Tennessee Governor, Memphis I-55 bridge investment (opens in a new tab) - Project
Rebuilt Tom Lee Park opens on the riverfront
The redesigned public riverfront park reconnects paths, recreation space and access to the Mississippi River. No home-price effect is assumed.
Studio Gang, completed Tom Lee Park opening (project designer) (opens in a new tab)
Rules in Tennessee
From state law, standard contract forms and local custom. Research, not legal advice.
- ClosingRule
- A title company runs the closing and holds the money.
- Seller's disclosureRule
- Tennessee Residential Property Condition Disclosure or permitted disclaimer
- Closing taxesRule
- Tennessee realty transfer tax: 0.37% of the price · buyer paysTennessee indebtedness tax: 0.115% of the loan above $2,000 · buyer pays
How buying works in Tennessee
- Who runs the closing
- A title company runs the closing and holds the money. Typical time from contract to keys: about 30 days.
- The contract
- Your signed offer becomes a binding contract once the seller accepts it.
Details
Tennessee REALTORS Purchase and Sale Agreement (RF401)
- Buyer agreement
- Tennessee written buyer representation agreement and agency disclosure, signed before touring.
Details
Homiy's prototype requires a written agreement before a represented tour. NAR's rule binds participating MLS brokers; do not describe it as a universal state law. Compensation is negotiable and total brokerage pay cannot exceed the agreement.
Source: NAR: written buyer agreements before touring (MLS participation rule, not a universal state statute) (reviewed 2026-09-27)
- Inspection
- About 10 days for inspections.
Details
Inspection/repair-resolution and loan deadlines are negotiated contract terms. 10 calendar days is a negotiable sample planning period, not a statutory deadline.
- Earnest money
- 1–3% of the price, due within 3 days, held by: Named broker, title company or attorney escrow.
Details
Sample only: delivery within 3 calendar days and 1–3% earnest money; the signed contract controls. Buyer delivery is distinct from the holder's statutory deposit deadline.
- Seller's disclosure
- Tennessee Residential Property Condition Disclosure or permitted disclaimer
Details
Provide before acceptance under §66-5-203; exemptions/disclaimer rules apply. No generic three-day cooling-off period. §66-5-208 permits pre-closing termination for misrepresentation subject to statutory limits and other legal/equitable remedies, not an unconditional fixed-day right.
Source: Tennessee Code §§66-5-203, 66-5-208: disclosure and remedies (statutory text mirror; reviewed 2026-09-27)
- Loan and appraisal
- Loan contingency: 21 days (set in the contract).
Details
21-day financing period and the typical closing time are sample planning assumptions, not measured averages or legal rights. Financing and appraisal protection require the signed form/addenda; an appraisal shortfall is not automatically protected.
- Title insurance
- Who pays for the owner's policy varies; the contract decides.
Details
Payer is a negotiable local custom, not a mandatory charge; obtain a title quote and follow the signed allocation. Filed insurer/rating-bureau rates are not a state-promulgated price. Negotiated; title company/attorney should confirm the local allocation rather than assume the borrower pays both policies.
- Property tax for a new owner
- Your property tax follows the county's assessed market value. About 1.3% of the price a year is our planning figure for Memphis; your bill can differ.
Details
Residential assessed value is 25% of appraised market value. Multiply county plus municipal district rates by that ratio; reappraisal can lower the nominal rate, so old rates must not be paired with new appraisals.
2026 city$2.58081 + Shelby County$2.702382 per$100 assessed ×25% residential ratio =1.320798% of appraised market value. BOTH city and county apply; no homestead/special relief assumed. Not a transfer-reset law. HOA range and lender-title percentage are SAMPLE inputs.
- Agent credits to the buyer
- Tennessee doesn't allow an agent to credit part of their pay to the buyer: ask for a lower price instead.
Details
TCA62-13-302(b) prohibits cash rebates, cash gifts and cash prizes in conjunction with a transaction; TREC treats gift cards as cash except narrow stated gifts. Do not automatically credit excess brokerage compensation or promise cash back. Ordinary seller concessions and a negotiated lower brokerage fee are distinct, with counsel/lender review; no automatic substitution.
Source: Tennessee Real Estate Commission: cash and gift-card rebate prohibition (Summer 2025; TCA §62-13-302(b))
Closing taxes
| Tax | Customarily paid by | Rate |
|---|---|---|
| Tennessee realty transfer tax | Buyer | 0.37% of the priceTennessee DOR REC-1: recordation taxes |
| Tennessee indebtedness taxOnly for: house, townhouse, condo | Buyer | 0.115% of the loan above $2,000Tennessee DOR REC-1: recordation taxes |
Sources (8)
- Tennessee Code §§66-5-203, 66-5-208: disclosure and remedies · statutory text mirror; reviewed 2026-09-27 (opens in a new tab)
- Tennessee Real Estate Commission: cash and gift-card rebate prohibition · Summer 2025; TCA §62-13-302(b) (opens in a new tab)
- Tennessee DOR REC-1: recordation taxes · 2021-05-07; reviewed 2026-09-27 (opens in a new tab)
- FHFA 2026 county conforming limits, one unit · 2026 calendar year (opens in a new tab)
- NAIC homeowners report: selected HO-3 $300k–399,999 and HO-6 facts · 2023 data; published July 2026 (opens in a new tab)
- Census CHARS: contractor-built house contract price per square foot, excluding land · 2025 annual regional averages (opens in a new tab)
- City of Memphis property tax rate · 2026 (opens in a new tab)
- Shelby County Trustee rate and residential assessment ratio · 2026 (opens in a new tab)
Programs and deadlines
Official pages for Memphis, the same for every buyer. Each program decides who qualifies.
- Down-payment help
- Great Choice Plus (opens in a new tab) (Tennessee Housing Development Agency (THDA))With a Great Choice Home Loan: a 0% second loan of up to $6,000 or $10,000, forgiven after 10 years, or an amortizing loan of up to 5% of the price (at most $15,000).Official page, checked 2026-09-28.Tennessee's housing finance agency runs it; the program decides who qualifies and for how much.
- Down-payment help in Memphis
- Down Payment Assistance Program (opens in a new tab) (City of Memphis Office of Down Payment Assistance)Funds for the down payment and closing costs on a home within Memphis city limits; the citywide program's income limit is 80% of the area median.Official page, checked 2026-09-28.
- Homestead exemption
- Property Tax Relief (opens in a new tab) (Tennessee Comptroller of the Treasury)State tax relief for low-income elderly and disabled homeowners and for disabled veteran homeowners or their surviving spouses; county trustees take the applications.Official page, checked 2026-09-28.
- If you disagree with your assessment
- Board of Equalization (opens in a new tab) (Shelby County)Appeal the Assessor's value to the County Board of Equalization, online or in person; there's no filing fee.When: May 1 through June 30 (2026)Official page, checked 2026-09-28.
- After you buy: alerts on your deed
- Fraud Alert Program (Property Fraud Alert) (opens in a new tab) (Shelby County Register of Deeds)Sign up to be alerted when a document is recorded that could threaten your property. The page doesn't state a fee.Official page, checked 2026-09-28.
Sample homes in Memphis, each with its estimated monthly cost and the things to check. Found one somewhere else? Check it here.
Sources (28)
- FHFA House Price Index, five-digit ZIP codes, annual (developmental, all-transactions) · 2000–2025 (updated 2026-03-31) (opens in a new tab)
- FHFA House Price Index, purchase-only, not seasonally adjusted, quarterly: Memphis, TN-MS-AR (metro area 32820) · 2000 Q1–2026 Q2 (opens in a new tab)
- U.S. Census Bureau, American Community Survey 5-year estimates (ZCTA), with 90% margins of error: population, median household income, median home value, median gross rent, median real estate taxes paid, median monthly owner costs with a mortgage, owner-occupied share and units, owner homes in buildings with 5+ units, median year built · ACS 2020–2024 (opens in a new tab)
- U.S. Census Bureau, American Community Survey 5-year estimates (ZCTA): population and its margin of error, for the 5-year change and its significance test · ACS 2015–2019 (opens in a new tab)
- FHFA House Price Index, five-digit ZIP codes, annual (developmental, all-transactions) · 2025 (updated 2026-03-31) (opens in a new tab)
- U.S. Census Bureau, 2020 ZCTA to place relationship file, 2025 Gazetteer and cartographic boundaries (city ZIPs, centers, bounds) · 2020 ZCTAs; 2025 place boundaries (opens in a new tab)
- U.S. Census Bureau, Population Estimates, Vintage 2025 (metropolitan and micropolitan areas) · July 2020 → July 2025 (opens in a new tab)
- U.S. Census Bureau, Building Permits Survey: new privately-owned housing units authorized, by CBSA · Sep 2025–Aug 2026 (opens in a new tab)
- FEMA National Risk Index December 2025: Expected Annual Loss rating of each hazard, by county · NRI December 2025 (opens in a new tab)
- U.S. Department of Housing and Urban Development, Small Area Fair Market Rents by ZIP code, FY2027 · FY2027 (from Oct 1, 2026) (opens in a new tab)
- FEMA, OpenFEMA API: NFIP Redacted Policies, version 3 (policies in force). This product uses the Federal Emergency Management Agency’s OpenFEMA API, but is not endorsed by FEMA. The Federal Government or FEMA cannot vouch for the data or analyses derived from these data after the data have been retrieved from the Agency's website(s). · in force Jun 30, 2026; data refreshed 2026-07-27; accessed 2026-09-27 (opens in a new tab)
- FEMA, OpenFEMA API: NFIP Redacted Claims, version 3 (claims since 2000). This product uses the Federal Emergency Management Agency’s OpenFEMA API, but is not endorsed by FEMA. The Federal Government or FEMA cannot vouch for the data or analyses derived from these data after the data have been retrieved from the Agency's website(s). · data refreshed 2026-08-04; accessed 2026-09-27 (opens in a new tab)
- U.S. Treasury, Federal Insurance Office: Analyses of U.S. Homeowners Insurance Markets, 2018–2022, Supporting Underlying Metrics by ZIP code (premiums per policy, nonrenewal rate) · 2018–2022 (published January 2025) (opens in a new tab)
- FHFA House Price Index, purchase-only, not seasonally adjusted: Memphis, TN-MS-AR (metro area 32820) · 2026 Q2 (opens in a new tab)
- FHFA House Price Index, all-transactions, not seasonally adjusted: Memphis, TN-MS-AR (metro area 32820), calendar-year averages of the quarterly index · 2020–2025 (opens in a new tab)
- U.S. Bureau of Labor Statistics, Current Employment Statistics, total nonfarm, not seasonally adjusted (series SMU47328200000000001) · Aug 2026 (preliminary) (opens in a new tab)
- U.S. Census Bureau, American Community Survey 5-year estimates for the city of Memphis, TN (Census place 4748000): median home value, median household income, median gross rent, with 90% margins of error · ACS 2020–2024 (opens in a new tab)
- FFIEC Home Mortgage Disclosure Act (HMDA) data: 2025 Snapshot National Loan-Level Dataset (data as of June 1, 2026), via the CFPB HMDA Data Browser; Homiy's calculations · 2025 loans; retrieved 2026-09-27 (opens in a new tab)
- U.S. Department of Housing and Urban Development, FHA forward mortgage limits, one-unit limit for Shelby County, TN · CY2026 (Mortgagee Letter 2025-23) (opens in a new tab)
- Tennessee Code §§66-5-203, 66-5-208: disclosure and remedies · statutory text mirror; reviewed 2026-09-27 (opens in a new tab)
- Tennessee Real Estate Commission: cash and gift-card rebate prohibition · Summer 2025; TCA §62-13-302(b) (opens in a new tab)
- Tennessee DOR REC-1: recordation taxes · 2021-05-07; reviewed 2026-09-27 (opens in a new tab)
- FHFA 2026 county conforming limits, one unit · 2026 calendar year (opens in a new tab)
- NAIC homeowners report: selected HO-3 $300k–399,999 and HO-6 facts · 2023 data; published July 2026 (opens in a new tab)
- Census CHARS: contractor-built house contract price per square foot, excluding land · 2025 annual regional averages (opens in a new tab)
- City of Memphis property tax rate · 2026 (opens in a new tab)
- Shelby County Trustee rate and residential assessment ratio · 2026 (opens in a new tab)
- Freddie Mac average (Primary Mortgage Market Survey) · Sep 24, 2026 (opens in a new tab)