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Prototype · sample data

Prototype of a planned home-buying brokerage for the 50 largest U.S. cities. Not a licensed brokerage in any state, and no brokerage services are offered. Listings, people and companies are sample data; market statistics are real public data, cited where shown.

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Trends · Tennessee

House prices and costs in Memphis, TN

How house prices moved across 26 Memphis ZIP codes, what buyers here borrowed and paid, what's new and how buying works in Tennessee. Public data, with sources and dates. Past change, not a forecast.

Memphis, TN-MS-AR metro house prices -0.7% in the year to 2026 Q2 (FHFA, purchases)

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.

How house prices moved in Memphis, 2022–2025

Of 20 ZIPs with enough data, 10 rose 7% or more, 2 fell 7% or more and 7 moved less (no clear change); 1 swung too much from year to year to rank. Past rankings are a weak guide: of the ZIPs in their city's top 3 for 2019–2022, 25 of 134 (about 1 in 5) were top 3 again for 2022–2025; chance alone would give about 21. Past change, not a forecast.

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. Tap a ZIP to see it on the map.

Largest house-price rises, 2022–2025

3-year change of the ZIP index; ZIPs with an index every year, 5,000+ residents and 1,000+ owner-occupied homes. Left out as too jumpy: a ZIP whose index rose 7% or more in one year and fell as much in another. Each year's change below.

  1. 1ZIP 38116 · includes Whitehaven2023 +11.0% · 2024 +7.9% · 2025 +4.2%+24.8%
  2. 2ZIP 381282023 +7.3% · 2024 +8.3% · 2025 +3.6%+20.4%
  3. 3ZIP 381182023 +13.7% · 2024 +3.4% · 2025 +1.5%+19.3%
  4. 4ZIP 381272023 +19.9% · 2024 -2.3% · 2025 +1.8%+19.3%
  5. 5ZIP 381092023 +12.2% · 2024 0.0% · 2025 +2.5%+15.0%

Largest house-price falls, 2022–2025

3-year change of the ZIP index; ZIPs with an index every year, 5,000+ residents and 1,000+ owner-occupied homes. Left out as too jumpy: a ZIP whose index rose 7% or more in one year and fell as much in another. Each year's change below.

  1. 1ZIP 381072023 +3.5% · 2024 -8.1% · 2025 -8.0%-12.5%
  2. 2ZIP 38104 · includes Cooper-Young2023 -4.2% · 2024 -1.2% · 2025 -3.8%-8.9%

Lowest owner-reported values

Median value owners report (Census ACS 2020–2024). Left out: ZIPs under 1,000 residents, less reliable estimates, and ZIPs where most owners live in condos or co-ops.

  1. 1ZIP 38108± $7.4K · ≈ $591/mo housing payment (est.) on a house, 20% down$71K
  2. 2ZIP 38106± $4.4K · ≈ $595/mo housing payment (est.) on a house, 20% down$72K
  3. 3ZIP 38109± $5.3K · ≈ $651/mo housing payment (est.) on a house, 20% down$80K
  4. 4ZIP 38114± $4.2K · ≈ $661/mo housing payment (est.) on a house, 20% down$82K
  5. 5ZIP 38105± $18K · ≈ $714/mo housing payment (est.) on a house, 20% down$90K

Population grew most

Residents, 2015–2019 to 2020–2024 (Census ACS): only changes larger than the margin of error, in ZIPs with 1,000+ residents.

No Memphis ZIP's population grew by more than its margin of error.

Public loan records · 2025

What buyers here actually borrowed and paid (2025)

2025 home-purchase loans (first liens) on owner-occupied 1–4 unit homes in Memphis's census tracts: 2,935 loans. These are loans that closed in Memphis, not offers: a rate depends on your credit, down payment, points and the day you lock it.

Interest rate, 30-year fixed (conventional)
6.125% to 6.75%Middle half of loans; median 6.5% · 1,359 loans
Loan costs at closing
$4,049 to $6,156Middle half; median $4,801. Origination charges (points included) and settlement services, Closing Disclosure section D · 1,588 loans
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: every loan on the home (second loans, down-payment-assistance loans and financed FHA or VA fees too) ÷ 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.
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)

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. Source: 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).

Research · dated and sourced

What's new in Memphis

Rail openings, zoning changes and big projects from primary sources, newest first. Stars on the map mark the ones with a location. News, not a price forecast.

  1. 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
  2. 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)

Metro area · public data

Memphis, TN-MS-AR

House prices, year to 2026 Q2
-0.7%FHFA purchase-only index
House prices, 5 years to 2026 Q2
+20.6%FHFA purchase-only index
House prices, 2025
+1.7%All sales and refinances, like the ZIP figures; 2022–2025: +7.8%
New homes permitted
2.7 per 1,000 residents3,598 homes · +15.5% vs a year earlier · Sep 2025–Aug 2026
Jobs, 12 months
-0.5%Aug 2026 (preliminary)
Population, July 2020 to July 2025
-0.4%1,341,412 residents in July 2025 (Census estimates)
Mortgage rate benchmark
7.03%Freddie Mac average, week of Sep 24, 2026

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. New homes permitted is a supply signal: more permits per resident usually means more homes coming to market. Jobs, permits and population cover the whole metro.

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 this home. Check the address on FEMA's flood map; in a high-risk flood zone, a federally backed loan requires flood insurance.

Sources (7)

Research summary · not legal advice

How buying works in Tennessee

The usual steps, deadlines and closing costs for a purchase in Memphis, from state law, standard contract forms and local custom. Contracts can change any of it. Homiy is a prototype: it isn't a licensed brokerage in Tennessee and offers no services here.

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

Closing taxes in Memphis, who customarily pays and the rate
TaxCustomarily paid byRate
Tennessee realty transfer taxBuyer0.37% of the priceTennessee DOR REC-1: recordation taxes
Tennessee indebtedness taxOnly for: house, townhouse, condoBuyer0.115% of the loan above $2,000Tennessee DOR REC-1: recordation taxes

Programs and after you buy

Down-payment help
Great Choice Plus (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 (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 (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 (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) (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.
Sources (8)

Methodology

How we measure, and what it isn't

Past change, not a forecast. These figures describe the past from public data; they don't tell you where prices go next.

House prices by ZIP, and the rankings

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. It's built from repeat sales and refinance appraisals of the same homes, not average sale prices, and FHFA publishes no margin of error for it. We rank ZIPs by the change over the last 3 years, only where FHFA published the index in every one of them, and only ZIPs with 5,000+ residents and 1,000+ owner-occupied homes. A change smaller than 7% either way is “no clear change”: in our 50 cities, the index's own year-to-year swings suggest sampling alone can move a three-year change about that much. A ZIP whose index rose 7% or more in one year and fell as much in another is left out as too jumpy. We show rises and falls, each year's change, and the city's and metro's figures for the same years. Past rankings are a weak guide: of the ZIPs in their city's top 3 for 2019–2022, 25 of 134 (about 1 in 5) were top 3 again for 2022–2025; chance alone would give about 21. Many ZIPs, especially dense ones, have no index.

City and metro price figures

City: the resident-weighted average of its ZIPs that have an index (the ZIP card says when that's only part of the city). Metro: FHFA's all-transactions index over the same calendar years, the ZIPs' method; the metro card also shows FHFA's purchase-only index for the latest quarter against a year and five years earlier. Where FHFA splits a metro into divisions (New York, Miami, Detroit and others), the division's index, named where it's shown. Jobs, permits and population always cover the whole metro.

Payment ÷ income

Monthly housing payment (est.) on a house at the ZIP's median value: 20% down · 30-year fixed at 7.03% (Freddie Mac average) · 360 monthly loan payments · 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. Property tax uses Memphis's rule for a new buyer (about 1.3% of the price a year, our planning figure); insurance is a typical premium. Not included: upkeep, utilities, flood insurance, special assessments. Divided by a month of the ZIP's median household income. The Census reports values over $2 million and incomes over $250,000 only as “or more”, so those shares are bounds (“at least”, “at most”). Left out where 50% or more of owner-occupied homes are in buildings with 5+ units: their HOA dues or co-op charges aren't in the payment. It combines two estimates, so no margin is computed. 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.

Census figures and margins of error

American Community Survey 5-year estimates, 2020–2024: the median value owners report for their homes (it lags sale prices; co-op owners report the value of their shares), median rent with utilities, median household income, residents, and the property tax and monthly costs owners report. Each comes with its 90% margin of error (±). Figures whose margin is 20–49% of the estimate are marked “less reliable” and left out of rankings and tags; figures with wider margins aren't shown. A population change (from 2015–2019) is shown only when it passes the Census Bureau's 90% significance test; otherwise it says “no clear change”. Memphis's own figures come from the Census's estimates for the city itself where published; otherwise they blend its ZIPs (no margin computed). Lists leave out ZIPs with fewer than 1,000 residents.

Tags

Lower home values:
The median value owners report is in the lowest quarter of the city's ZIPs (Census ACS). Less reliable estimates and ZIPs where most owners live in condos or co-ops aren't compared.
Population grew:
Residents rose 5% or more between the two latest five-year Census surveys, by more than the margin of error.
Mostly condos or co-ops:
Half or more of owner-occupied homes are in buildings with 5 or more units. Values there leave out HOA dues and co-op charges, so they aren't ranked.
New rail nearby:
A rail station opened within about a mile in 2023–2026.

“New rail nearby” uses our dated news pins: a ZIP whose center is within 1,600 m of a station that opened, plus the ZIP the station sits in. No tag describes price momentum.

Hazards and flood insurance

FEMA's National Risk Index rates each county's expected yearly losses from each hazard against all U.S. counties; we show those Expected Annual Loss ratings for every county the city lies in, without FEMA's social-vulnerability adjustments. They describe counties, not homes. Flood insurance counts are policies and claims in the federal program (NFIP) only. Check an address's flood zone on FEMA's flood map.

What buyers borrowed and paid

Public HMDA loan records: home-purchase first liens on owner-occupied 1–4 unit homes in the city (the card names the area covered), with the number of loans behind each figure. Loans that closed, not offers or quotes.

Neutral by design

We describe prices, payments, population counts, construction and rail lines. We don't describe places by who lives there, schools or crime, and we don't call areas “up-and-coming”, “transitional” or “safe”. Choose where to live for your own reasons.

Sources and dates