Downtown, Memphis, TN—38103
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Downtown, Memphis, TN
As of Oct '25, the median home price in Downtown, Memphis, TN is $329,000, with a year-over-year change of -3.4%. This indicates that home prices in Downtown, Memphis, TN are decreasing. According to Zillow, the 1-year price projection is -0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $329,000 | -3.4% |
| Single Family | $361,000 | -5.0% |
| Condos | $280,000 | -2.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $202,000 | -1.9% |
2 Bed | $313,000 | -3.4% |
3 Bed | $393,000 | -3.7% |
4 Bed | $612,000 | -4.1% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Downtown, Memphis, TN
As of July '25, Rentcast reports the average rent in Downtown, Memphis, TN is $2,060, with a year-over-year rent change of -10.4%. Per bedroom, the median rent as of July '25 in Downtown, Memphis, TN is studios: $1,100, 1-bedrooms: $1,390, 2-bedrooms: $2,420, 3-bedrooms: $2,890, 4-bedrooms: $3,660. The most common rental property sizes in Downtown, Memphis, TN are 1-bedroom and 2-bedroom, accounting for 42.4% and 34.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,950 | $2,060 |
| Studio Rent | $1,120 | $1,100 |
| 1 Bed Rent | $1,350 | $1,390 |
| 2 Bed Rent | $2,250 | $2,420 |
| 3 Bed Rent | $2,590 | $2,890 |
| 4 Bed Rent | $4,000 | $3,660 |
% of Rental Stock
Property Listings — Downtown, Memphis, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Downtown, Memphis, TN is 92. This is a increase of 11.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 35.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $350,000 | -3.0% |
Listing Count | 166 | 8.0% |
| Listings as % of Homes | 0.6% | 8.0% |
Days on Market | 92 | 11.0% |
Demographics — Downtown, Memphis, TN
As of the latest ACS Survey released in 2023, Downtown, Memphis, TN has a population of 14,000, which has remained stable by -0.1% over the past 5 years. Downtown, Memphis, TN is a less popular place for families, as children make up 7.0% of the population. The area has a highly educated workforce, with 60.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 14,000 | -0.1% |
% Under 18 | 7.0% | 9.4% |
% Seniors | 9.3% | 22.4% |
% WFH | 10.2% | 229.0% |
% w/ College Degree | 60.9% | -3.8% |
As of the latest ACS Survey released in 2023, Downtown, Memphis, TN is a predominantly white area, with 56.3% of the population identifying as white. The white population has grown by 3.9% in the last 5 years. The second most common race or ethnicity in Downtown, Memphis, TN is black, making up 29.9% of the population. Foreign-born residents account for 8.8% of the population in Downtown, Memphis, TN, and this percentage has increased by 14.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 56.3% | 3.9% |
% Black | 29.9% | -10.5% |
% Hispanic | 4.5% | 36.4% |
% Asian | 6.1% | -15.3% |
% Foreign Born | 8.8% | 14.3% |
Mortgage and Risk — Downtown, Memphis, TN
According to HUD data as of 2023, there were 202 mortgage originations in Downtown, Memphis, TN, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 27.0% above 90% LTV (very high). This implies large mortgage risk in Downtown, Memphis, TN. Investor activity is low, as 7.0% of loans were by investors. 3.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 202 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 7.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 3.0% |
Loan Activity
Rentals and Section 8 — Downtown, Memphis, TN
As of 2024, the percent of homes in Downtown, Memphis, TN under the Section 8 program is 2.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Downtown, Memphis, TN, because HUD payments exceed market rent, while 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 299 |
Total Units Section 8 | 298 |
% Rentals under Section 8 | 2.7% |
% Occupied Section 8 | 88.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $460 | $1,350 | $1,810 |
| 2 Bedroom | -$220 | $2,250 | $2,030 |
| 3 Bedroom | $80 | $2,590 | $2,670 |
| 4 Bedroom | -$870 | $4,000 | $3,130 |
Affordability — Downtown, Memphis, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.6 |
| Median Home Price | $329,000 |
| Median Household Income | $75,800 |