Memphis, MI—48041
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Memphis, MI
As of Oct '25, the median home price in Memphis, MI is $315,000, with a year-over-year change of 4.4%. This indicates that home prices in Memphis, MI are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $315,000 | 4.4% |
| Single Family | $315,000 | 5.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $206,000 | 4.0% |
3 Bed | $333,000 | 4.1% |
4 Bed | $379,000 | 4.4% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Memphis, MI
Memphis, MI lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,050 | $1,050 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,050 | $1,050 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Memphis, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Memphis, MI is 36. This is a decrease of -10.0% 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 | $345,000 | -40.0% |
Listing Count | 15 | 21.0% |
| Listings as % of Homes | 0.5% | 21.0% |
Days on Market | 36 | -10.0% |
Demographics — Memphis, MI
As of the latest ACS Survey released in 2023, Memphis, MI has a population of 4,380, which has decreased by -2.3% over the past 5 years. Memphis, MI is a moderately popular place for families, as children make up 22.3% of the population. The area has a poorly educated workforce, with 17.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.6% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 4,380 | -2.3% |
% Under 18 | 22.3% | 15.5% |
% Seniors | 13.0% | -16.7% |
% WFH | 6.6% | 153.8% |
% w/ College Degree | 17.3% | 9.5% |
As of the latest ACS Survey released in 2023, Memphis, MI is a predominantly white area, with 91.4% of the population identifying as white. The white population has shrunk by 5.6% in the last 5 years. The second most common race or ethnicity in Memphis, MI is asian, making up 3.5% of the population. Foreign-born residents account for 2.6% of the population in Memphis, MI, and this percentage has increased by 136.4% 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 | 91.4% | -5.6% |
% Black | 0.8% | 14.3% |
% Hispanic | 2.2% | 22.2% |
% Asian | 3.5% | ∞% |
% Foreign Born | 2.6% | 136.4% |
Mortgage and Risk — Memphis, MI
According to HUD data as of 2023, there were 80 mortgage originations in Memphis, MI, of which 85.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Memphis, MI. Investor activity is low, as 1.0% 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 | 80 |
% Conventional Loans | 85.0% |
% Government Loans | 15.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Memphis, MI
Memphis, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 2 |
Total Units Section 8 | 2 |
% Rentals under Section 8 | 1.0% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $920 |
| 2 Bedroom | $120 | $1,050 | $1,170 |
| 3 Bedroom | N/A | N/A | $1,440 |
| 4 Bedroom | N/A | N/A | $1,550 |
Affordability — Memphis, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.2 |
| Median Home Price | $315,000 |
| Median Household Income | $87,600 |