South Memphis, Memphis, TN—38114
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — South Memphis, Memphis, TN
As of Oct '25, the median home price in South Memphis, Memphis, TN is $72,000, with a year-over-year change of -6.9%. This indicates that home prices in South Memphis, Memphis, TN are decreasing. According to Zillow, the 1-year price projection is -0.7%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $72,000 | -6.9% |
| Single Family | $72,000 | -7.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $61,000 | -11.6% |
2 Bed | $57,000 | -9.5% |
3 Bed | $78,000 | -4.9% |
4 Bed | $107,000 | -0.9% |
| 5 Bed | $136,000 | 0.7% |
% of Housing Stock
Rental Trends — South Memphis, Memphis, TN
As of July '25, Rentcast reports the average rent in South Memphis, Memphis, TN is $1,060, with a year-over-year rent change of 6.1%. Per bedroom, the median rent as of July '25 in South Memphis, Memphis, TN is 1-bedrooms: $762, 2-bedrooms: $904, 3-bedrooms: $1,180, 4-bedrooms: $1,620. The most common rental property sizes in South Memphis, Memphis, TN are 2-bedroom and 3-bedroom, accounting for 57.7% and 24.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $965 | $1,060 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $725 | $762 |
| 2 Bed Rent | $850 | $904 |
| 3 Bed Rent | $1,100 | $1,180 |
| 4 Bed Rent | $1,550 | $1,620 |
% of Rental Stock
Property Listings — South Memphis, Memphis, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in South Memphis, Memphis, TN is 79. This is a increase of 12.0% 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 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $122,000 | 8.0% |
Listing Count | 114 | 12.0% |
| Listings as % of Homes | 0.7% | 12.0% |
Days on Market | 79 | 12.0% |
Demographics — South Memphis, Memphis, TN
As of the latest ACS Survey released in 2023, South Memphis, Memphis, TN has a population of 20,400, which has decreased by -23.7% over the past 5 years. South Memphis, Memphis, TN is a moderately popular place for families, as children make up 19.5% of the population. The area has a poorly educated workforce, with 14.2% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,400 | -23.7% |
% Under 18 | 19.5% | -22.3% |
% Seniors | 20.2% | 42.3% |
% WFH | 4.7% | 104.3% |
% w/ College Degree | 14.2% | 9.2% |
As of the latest ACS Survey released in 2023, South Memphis, Memphis, TN is a predominantly black area, with 90.5% of the population identifying as black. The black population has shrunk by 1.1% in the last 5 years. The second most common race or ethnicity in South Memphis, Memphis, TN is white, making up 5.6% of the population. Foreign-born residents account for 2.3% of the population in South Memphis, Memphis, TN, and this percentage has increased by 27.8% 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 | 5.6% | 14.3% |
% Black | 90.5% | -1.1% |
% Hispanic | 3.3% | 65.0% |
% Asian | 0.2% | 100.0% |
% Foreign Born | 2.3% | 27.8% |
Mortgage and Risk — South Memphis, Memphis, TN
According to HUD data as of 2023, there were 109 mortgage originations in South Memphis, Memphis, TN, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in South Memphis, Memphis, TN. Investor activity is high, as 34.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 109 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 34.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — South Memphis, Memphis, TN
As of 2024, the percent of homes in South Memphis, Memphis, TN under the Section 8 program is 16.0%. 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 South Memphis, 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 | 884 |
Total Units Section 8 | 873 |
% Rentals under Section 8 | 16.0% |
% Occupied Section 8 | 93.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $315 | $725 | $1,040 |
| 2 Bedroom | $320 | $850 | $1,170 |
| 3 Bedroom | $440 | $1,100 | $1,540 |
| 4 Bedroom | $250 | $1,550 | $1,800 |
Affordability — South Memphis, Memphis, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $72,000 |
| Median Household Income | $32,100 |