Memphis, TN Housing Market & Real Estate Update (Feb. 27, 2026)
Memphis, TN – February 27, 2026 – Home prices are edging down year-over-year, listings remain plentiful, and zoning updates may shape new infill.
Memphis-area housing conditions continued to look buyer-leaning in the most recent monthly market reads, with modest price softening and longer decision times than in hotter markets. With inventory still elevated and many homes taking weeks to go pending, negotiations can matter more than in recent peak years.
Key takeaways
- Pricing: Recent sales pricing has been slightly lower year-over-year, based on the latest city-level market summaries.
- Timing: Many listings are still taking weeks to go pending, reflecting a slower pace and more selective buyers.
- Supply: Thousands of homes remain listed for sale, and a notable share of active listings show price drops.
Numbers to know (latest monthly reads)
- Redfin (January 2026): median sale price around $179K, homes averaging about 52 days on market, and 293 closed sales for the month.
- Zillow (through Jan. 31): typical home values near $141K, with for-sale inventory around 2,602 homes.
Policy & pipeline
On the policy side, the Unified Development Code update posted a draft zoning map that could influence future infill and redevelopment decisions. Separately, the City of Memphis announced expanded pre-development support plus a middle-income housing pilot aimed at boosting attainable infill and small-multifamily options.
For buyers, a higher-inventory environment can translate into more choice, more time to compare options, and a greater likelihood that pricing or condition becomes a focal point. For sellers, the same conditions often raise the importance of competitive positioning—clean presentation, realistic pricing, and responsiveness to feedback—when similar homes are also available.
What are you seeing right now: more price cuts, more investor activity, or more move-in ready listings?