Parkway Village, Memphis, TN—38115
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Parkway Village, Memphis, TN
As of Oct '25, the median home price in Parkway Village, Memphis, TN is $164,000, with a year-over-year change of -2.1%. This indicates that home prices in Parkway Village, 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 | $164,000 | -2.1% |
| Single Family | $170,000 | -2.3% |
| Condos | $52,000 | -14.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $33,000 | -10.8% |
2 Bed | $75,000 | -8.5% |
3 Bed | $165,000 | -2.9% |
4 Bed | $198,000 | 1.0% |
| 5 Bed | $215,000 | 0.5% |
% of Housing Stock
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.
| Type | Median Rent | Average 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 |
% of Rental Stock
Property Listings — Parkway Village, Memphis, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Parkway Village, Memphis, TN is 105. This is a increase of 36.0% 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 13.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $84,200 | -31.0% |
Listing Count | 89 | 30.0% |
| Listings as % of Homes | 0.2% | 30.0% |
Days on Market | 105 | 36.0% |
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.
| Metric | Latest Census | YoY % 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% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $164,000 |
| Median Household Income | $42,900 |