View in Interactive Map

Parkway Village, Memphis, TN—38115

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$163,000
2.3% YoY Growth
Household Income
$42,900
33.3% YoY Growth
Days on Market
70
13.0% Longer YoY
Home Price Forecast
1.3%
Median Rent
$1,380
3.1% YoY Growth
1-Bed Rent
$800
2.2% YoY Growth
2-Bed Rent
$1,050
5.9% YoY Growth
3-Bed Rent
$1,450
0.0% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Parkway Village, Memphis, TN

As of Dec '25, the median home price in Parkway Village, Memphis, TN is $163,000, with a year-over-year change of -2.3%. This indicates that home prices in Parkway Village, Memphis, TN are decreasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$163,000-2.3%
Single Family $168,000-2.9%
Condos $51,000-15.0%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • $32,000
    -13.5%
    2 Bed
    		$74,000-7.5%
    3 Bed
    		$164,000-3.0%
    4 Bed
    		$194,0000.5%
    5 Bed $212,2070.4%
    Loading chart...

    % of Housing Stock

    Studio
    4.0%
    1 Bedroom
    21.9%
    2 Bedrooms
    35.7%
    3 Bedrooms
    30.6%
    4 Bedrooms
    6.0%
    5+ Bedrooms
    1.8%

    Rental Trends — Parkway Village, Memphis, TN

    As of July '25, Rentcast reports the average rent in Parkway Village, Memphis, TN is $1,320, with a year-over-year rent change of 3.1%. Per bedroom, the median rent as of July '25 in Parkway Village, Memphis, TN is studios: $581, 1-bedrooms: $804, 2-bedrooms: $1,070, 3-bedrooms: $1,440, 4-bedrooms: $1,710. The most common rental property sizes in Parkway Village, Memphis, TN are 2-bedroom and 1-bedroom, accounting for 43.1% and 27.3% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$1,380$1,320
    Studio Rent $581$581
    1 Bed Rent $800$804
    2 Bed Rent $1,050$1,070
    3 Bed Rent $1,450$1,440
    4 Bed Rent $1,700$1,710
    Loading chart...

    % of Rental Stock

    Studio
    3.4%
    1 Bedroom
    27.3%
    2 Bedrooms
    43.1%
    3 Bedrooms
    20.5%
    4 Bedrooms
    3.9%
    5+ Bedrooms
    1.8%

    Property Listings — Parkway Village, Memphis, TN

    As of Dec '25, Realtor.com reports that the median days on market for a home in Parkway Village, Memphis, TN is 72. This is a increase of 28.0% 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 4.0%, representing a small inventory and little supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$125,000-14.0%
    Listing Count
    		7242.0%
    Listings as % of Homes0.2%42.0%
    Days on Market
    		7013.0%
    Loading chart...

    Demographics — Parkway Village, Memphis, TN

    As of the latest ACS Survey released in 2023, Parkway Village, Memphis, TN has a population of 36,900, which has decreased by -9.7% over the past 5 years. Parkway Village, Memphis, TN is a popular place for families, as children make up 27.4% of the population. The area has a poorly educated workforce, with 14.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.3% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		36,900-9.7%
    % Under 18
    		27.4%-5.5%
    % Seniors
    		10.4%35.1%
    % WFH
    		6.3%530.0%
    % w/ College Degree
    		14.3%-12.8%
    Loading chart...

    As of the latest ACS Survey released in 2023, Parkway Village, Memphis, TN is a predominantly black area, with 82.3% of the population identifying as black. The black population has grown by 0.2% in the last 5 years. The second most common race or ethnicity in Parkway Village, Memphis, TN is hispanic, making up 11.8% of the population. Foreign-born residents account for 8.7% of the population in Parkway Village, Memphis, TN, and this percentage has increased by 14.5% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		5.5%-12.7%
    % Black
    		82.3%0.2%
    % Hispanic
    		11.8%13.5%
    % Asian
    		0.4%0.0%
    % Foreign Born
    		8.7%14.5%
    Loading chart...

    Mortgage and Risk — Parkway Village, Memphis, TN

    According to HUD data as of 2023, there were 62 mortgage originations in Parkway Village, Memphis, TN, of which 63.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Parkway Village, Memphis, TN. Investor activity is low, as 3.0% of loans were by investors. 24.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		62
    % Conventional Loans
    		63.0%
    % Government Loans
    		37.0%
    % Investor Loans
    		3.0%
    % Second Loans
    		0.0%
    % Cash Out Refinance
    		24.0%
    Loading chart...
    Loading chart...

    Rentals and Section 8 — Parkway Village, Memphis, TN

    As of 2024, the percent of homes in Parkway Village, Memphis, TN under the Section 8 program is 4.0%. 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 Parkway Village, 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
    		532
    Total Units Section 8
    		483
    % Rentals under Section 8
    		4.0%
    % Occupied Section 8
    		93.0%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$450$800$1,250
    2 Bedroom$350$1,050$1,400
    3 Bedroom$390$1,450$1,840
    4 Bedroom$460$1,700$2,160

    Affordability — Parkway Village, Memphis, TN

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio4.1
    Median Home Price$163,000
    Median Household Income$42,900

    Parkway Village, Memphis, TN — ZIP Code Boundary Map

    Loading map...

    Nearby ZIP Codes

    Windyke, Memphis, TN

    38119

    Hickory Hill, Memphis, TN

    38141

    Oakhaven, Memphis, TN

    38118

    River Oaks, Memphis, TN

    38120

    Germantown, TN

    38138

    Frequently Asked Questions