South Parkway, Memphis, TN—38106
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — South Parkway, Memphis, TN
As of Oct '25, the median home price in South Parkway, Memphis, TN is $59,000, with a year-over-year change of 0.1%. This indicates that home prices in South Parkway, Memphis, TN are flat. According to Zillow, the 1-year price projection is -0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $59,000 | 0.1% |
| Single Family | $59,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $43,000 | 4.9% |
2 Bed | $48,000 | -2.0% |
3 Bed | $63,000 | 0.0% |
4 Bed | $77,000 | 0.0% |
| 5 Bed | $90,000 | 4.7% |
% of Housing Stock
Rental Trends — South Parkway, Memphis, TN
As of July '25, Rentcast reports the average rent in South Parkway, Memphis, TN is $1,030, with a year-over-year rent change of 4.4%. Per bedroom, the median rent as of July '25 in South Parkway, Memphis, TN is 1-bedrooms: $830, 2-bedrooms: $831, 3-bedrooms: $1,110, 4-bedrooms: $1,410. The most common rental property sizes in South Parkway, Memphis, TN are 2-bedroom and 3-bedroom, accounting for 49.3% and 28.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $995 | $1,030 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $700 | $830 |
| 2 Bed Rent | $800 | $831 |
| 3 Bed Rent | $1,060 | $1,110 |
| 4 Bed Rent | $1,480 | $1,410 |
% of Rental Stock
Property Listings — South Parkway, Memphis, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in South Parkway, Memphis, TN is 75. This is a increase of 14.0% 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 33.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $85,000 | 1.0% |
Listing Count | 121 | 33.0% |
| Listings as % of Homes | 0.7% | 33.0% |
Days on Market | 75 | 14.0% |
Demographics — South Parkway, Memphis, TN
As of the latest ACS Survey released in 2023, South Parkway, Memphis, TN has a population of 21,800, which has decreased by -9.2% over the past 5 years. South Parkway, Memphis, TN is a moderately popular place for families, as children make up 23.5% of the population. The area has a poorly educated workforce, with 12.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 21,800 | -9.2% |
% Under 18 | 23.5% | -2.1% |
% Seniors | 18.2% | 5.8% |
% WFH | 2.9% | 52.6% |
% w/ College Degree | 12.1% | 39.1% |
As of the latest ACS Survey released in 2023, South Parkway, Memphis, TN is a predominantly black area, with 94.7% of the population identifying as black. The black population has shrunk by 1.9% in the last 5 years. The second most common race or ethnicity in South Parkway, Memphis, TN is white, making up 2.4% of the population. Foreign-born residents account for 0.7% of the population in South Parkway, Memphis, TN, and this percentage has decreased by 41.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 2.4% | 41.2% |
% Black | 94.7% | -1.9% |
% Hispanic | 2.1% | 16.7% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 0.7% | -41.7% |
Mortgage and Risk — South Parkway, Memphis, TN
According to HUD data as of 2023, there were 79 mortgage originations in South Parkway, Memphis, TN, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in South Parkway, Memphis, TN. Investor activity is high, as 25.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 79 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 25.0% |
% Second Loans | 5.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — South Parkway, Memphis, TN
As of 2024, the percent of homes in South Parkway, Memphis, TN under the Section 8 program is 10.9%. 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. In South Parkway, Memphis, TN, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 843 |
Total Units Section 8 | 653 |
% Rentals under Section 8 | 10.9% |
% Occupied Section 8 | 92.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $350 | $700 | $1,050 |
| 2 Bedroom | $380 | $800 | $1,180 |
| 3 Bedroom | $490 | $1,060 | $1,550 |
| 4 Bedroom | $340 | $1,480 | $1,820 |
Affordability — South Parkway, Memphis, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.8 |
| Median Home Price | $59,000 |
| Median Household Income | $29,800 |