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  5. /Raleigh, Memphis, TN - 38128

Raleigh, Memphis, TN—38128

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$147,000
1.1% YoY Growth
Household Income
$43,200
29.4% YoY Growth
Days on Market
60
9.0% Shorter YoY
Home Price Forecast
-0.6%
Median Rent
$1,340
1.5% YoY Growth
1-Bed Rent
$795
1.6% YoY Growth
2-Bed Rent
$850
7.0% YoY Growth
3-Bed Rent
$1,300
1.5% YoY Growth
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Raleigh, Memphis, TN

As of May '26, the median home price in Raleigh, Memphis, TN is $147,000, with a year-over-year change of -1.1%. This indicates that home prices in Raleigh, Memphis, TN are decreasing. According to Zillow, the 1-year price projection is -0.6%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$147,000-1.1%
Single Family $149,000-1.3%
Condos $77,000-8.3%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed

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  • Affordability
  • Rentals and Section 8
    • $62,000
    -1.6%
    2 Bed
    		$88,000-3.3%
    3 Bed
    		$142,000-1.4%
    4 Bed
    		$191,0000.0%
    5 Bed $226,5730.9%
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    % of Housing Stock

    Studio
    1.3%
    1 Bedroom
    9.2%
    2 Bedrooms
    26.0%
    3 Bedrooms
    49.3%
    4 Bedrooms
    11.2%
    5+ Bedrooms
    3.0%

    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.

    TypeMedian RentAverage Rent
    Average Rent$1,340$1,330
    Studio Rent N/AN/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
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    % of Rental Stock

    Studio
    2.1%
    1 Bedroom
    14.1%
    2 Bedrooms
    33.5%
    3 Bedrooms
    40.3%
    4 Bedrooms
    7.7%
    5+ Bedrooms
    2.2%

    Property Listings — Raleigh, Memphis, TN

    As of May '26, Realtor.com reports that the median days on market for a home in Raleigh, Memphis, TN is 60. This is a decrease of -9.0% 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 31.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$140,000-12.0%
    Listing Count
    		17838.0%
    Listings as % of Homes0.4%38.0%
    Days on Market
    		60-9.0%
    Loading chart...

    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.

    MetricLatest CensusYoY % 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%
    Loading chart...

    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

    MetricLatest Census5-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%
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    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

    MetricZip 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%
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    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 SizeHUD PremiumMarket RentMax 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

    MetricZip Code Average
    Home Price to Income Ratio3.4
    Median Home Price$147,000
    Median Household Income$43,200

    Raleigh, Memphis, TN — ZIP Code Boundary Map

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    Nearby ZIP Codes

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    38108

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    Frayser, Memphis, TN

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    Frequently Asked Questions