Raleigh, Memphis, TN—38128
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Raleigh, Memphis, TN
As of Oct '25, the median home price in Raleigh, Memphis, TN is $147,000, with a year-over-year change of 0.7%. This indicates that home prices in Raleigh, 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 | $147,000 | 0.7% |
| Single Family | $149,000 | 0.7% |
| Condos | $80,000 | -8.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $63,000 | 0.0% |
2 Bed | $89,000 | -1.1% |
3 Bed | $143,000 | 0.7% |
4 Bed | $191,000 | 1.6% |
| 5 Bed | $225,000 | 2.7% |
% of Housing Stock
Rental Trends — Raleigh, Memphis, TN
As of July '25, Rentcast reports the average rent in Raleigh, Memphis, TN is $1,330, with a year-over-year rent change of 1.5%. Per bedroom, the median rent as of July '25 in Raleigh, Memphis, TN is 1-bedrooms: $777, 2-bedrooms: $969, 3-bedrooms: $1,320, 4-bedrooms: $1,550. The most common rental property sizes in Raleigh, Memphis, TN are 3-bedroom and 2-bedroom, accounting for 40.3% and 33.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,340 | $1,330 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $795 | $777 |
| 2 Bed Rent | $850 | $969 |
| 3 Bed Rent | $1,300 | $1,320 |
| 4 Bed Rent | $1,520 | $1,550 |
% of Rental Stock
Property Listings — Raleigh, Memphis, TN
As of Oct '25, Realtor.com reports that the median days on market for a home in Raleigh, Memphis, TN is 58. This is a increase of 16.0% 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 21.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $165,000 | -8.0% |
Listing Count | 126 | 12.0% |
| Listings as % of Homes | 0.4% | 12.0% |
Days on Market | 58 | 16.0% |
Demographics — Raleigh, Memphis, TN
As of the latest ACS Survey released in 2023, Raleigh, Memphis, TN has a population of 44,000, which has decreased by -3.3% over the past 5 years. Raleigh, Memphis, TN is a popular place for families, as children make up 30.1% of the population. The area has a poorly educated workforce, with 14.7% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 44,000 | -3.3% |
% Under 18 | 30.1% | -4.7% |
% Seniors | 11.3% | 21.5% |
% WFH | 6.2% | 195.2% |
% w/ College Degree | 14.7% | 0.7% |
As of the latest ACS Survey released in 2023, Raleigh, Memphis, TN is a predominantly black area, with 79.0% of the population identifying as black. The black population has shrunk by 2.5% in the last 5 years. The second most common race or ethnicity in Raleigh, Memphis, TN is hispanic, making up 8.9% of the population. Foreign-born residents account for 5.1% of the population in Raleigh, Memphis, TN, and this percentage has increased by 45.7% 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 | 8.6% | -16.5% |
% Black | 79.0% | -2.5% |
% Hispanic | 8.9% | 34.8% |
% Asian | 0.6% | 50.0% |
% Foreign Born | 5.1% | 45.7% |
Mortgage and Risk — Raleigh, Memphis, TN
According to HUD data as of 2023, there were 47 mortgage originations in Raleigh, Memphis, TN, of which 66.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Raleigh, Memphis, TN. Investor activity is low, as 11.0% of loans were by investors. 19.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 47 |
% Conventional Loans | 66.0% |
% Government Loans | 34.0% |
% Investor Loans | 11.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 19.0% |
Loan Activity
Rentals and Section 8 — Raleigh, Memphis, TN
As of 2024, the percent of homes in Raleigh, 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 Raleigh, 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 | 1,562 |
Total Units Section 8 | 1,430 |
% Rentals under Section 8 | 15.7% |
% Occupied Section 8 | 91.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $445 | $795 | $1,240 |
| 2 Bedroom | $540 | $850 | $1,390 |
| 3 Bedroom | $530 | $1,300 | $1,830 |
| 4 Bedroom | $620 | $1,520 | $2,140 |
Affordability — Raleigh, Memphis, TN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $147,000 |
| Median Household Income | $43,200 |