Westwood, Memphis, TN—38109
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Westwood, Memphis, TN
As of Oct '25, the median home price in Westwood, Memphis, TN is $94,000, with a year-over-year change of -0.3%. This indicates that home prices in Westwood, Memphis, TN are flat. According to Zillow, the 1-year price projection is 0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $94,000 | -0.3% |
| Single Family | $93,000 | -1.1% |
| Condos | $194,000 | -1.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $55,000 | 0.0% |
3 Bed | $96,000 | -2.0% |
4 Bed | $118,000 | -0.8% |
| 5 Bed | $154,000 | -2.5% |
% of Housing Stock
Rental Trends — Westwood, Memphis, TN
As of July '25, Rentcast reports the average rent in Westwood, Memphis, TN is $1,140, with a year-over-year rent change of 3.6%. Per bedroom, the median rent as of July '25 in Westwood, Memphis, TN is 1-bedrooms: $608, 2-bedrooms: $964, 3-bedrooms: $1,120, 4-bedrooms: $1,370. The most common rental property sizes in Westwood, Memphis, TN are 3-bedroom and 2-bedroom, accounting for 61.6% and 22.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,100 | $1,140 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $600 | $608 |
| 2 Bed Rent | $940 | $964 |
| 3 Bed Rent | $1,100 | $1,120 |
| 4 Bed Rent | $1,300 | $1,370 |
% of Rental Stock
Property Listings — Westwood, Memphis, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Westwood, Memphis, TN is 64. This is a decrease of -6.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $115,000 | 5.0% |
Listing Count | 192 | 26.0% |
| Listings as % of Homes | 0.7% | 26.0% |
Days on Market | 64 | -6.0% |
Demographics — Westwood, Memphis, TN
As of the latest ACS Survey released in 2023, Westwood, Memphis, TN has a population of 43,800, which has decreased by -2.6% over the past 5 years. Westwood, Memphis, TN is a moderately popular place for families, as children make up 24.6% of the population. The area has a poorly educated workforce, with 13.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 43,800 | -2.6% |
% Under 18 | 24.6% | 9.8% |
% Seniors | 19.2% | 2.1% |
% WFH | 6.3% | 687.5% |
% w/ College Degree | 13.9% | 8.6% |
As of the latest ACS Survey released in 2023, Westwood, Memphis, TN is a predominantly black area, with 95.0% of the population identifying as black. The black population has shrunk by 1.3% in the last 5 years. The second most common race or ethnicity in Westwood, Memphis, TN is white, making up 2.1% of the population. Foreign-born residents account for 0.6% of the population in Westwood, Memphis, TN, and this percentage has decreased by 71.4% 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 | 2.1% | 23.5% |
% Black | 95.0% | -1.3% |
% Hispanic | 0.9% | -47.1% |
% Asian | 0.0% | N/A |
% Foreign Born | 0.6% | -71.4% |
Mortgage and Risk — Westwood, Memphis, TN
According to HUD data as of 2023, there were 214 mortgage originations in Westwood, Memphis, TN, of which 62.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 39.0% above 90% LTV (very high). This implies large mortgage risk in Westwood, Memphis, TN. Investor activity is high, as 21.0% of loans were by investors. 20.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 214 |
% Conventional Loans | 62.0% |
% Government Loans | 38.0% |
% Investor Loans | 21.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 20.0% |
Loan Activity
Rentals and Section 8 — Westwood, Memphis, TN
As of 2024, the percent of homes in Westwood, Memphis, TN under the Section 8 program is 15.7%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Westwood, 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 | 1,644 |
Total Units Section 8 | 1,166 |
% Rentals under Section 8 | 15.7% |
% Occupied Section 8 | 92.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $440 | $600 | $1,040 |
| 2 Bedroom | $230 | $940 | $1,170 |
| 3 Bedroom | $440 | $1,100 | $1,540 |
| 4 Bedroom | $500 | $1,300 | $1,800 |
Affordability — Westwood, Memphis, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $94,000 |
| Median Household Income | $36,900 |