Memphis, MI 48041 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Memphis, MI—48041

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$310,000

4.7% YoY Growth

Household Income

$87,600

39.7% YoY Growth

Days on Market

8.0% Shorter YoY

Home Price Forecast

2.0%

Median Rent

$1,050

N/A

1-Bed Rent

N/A

2-Bed Rent

$1,050

N/A

3-Bed Rent

N/A

Home Price Trends — Memphis, MI

As of Nov '25, the median home price in Memphis, MI is $310,000, with a year-over-year change of 4.7%. This indicates that home prices in Memphis, MI are increasing. According to Zillow, the 1-year price projection is 2.0%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$310,000	4.7%
Single Family	$311,000	5.4%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

2.0%

1 Bedroom

36.3%

2 Bedrooms

41.2%

3 Bedrooms

19.1%

4 Bedrooms

1.5%

Property Listings — Memphis, MI

As of Nov '25, Realtor.com reports that the median days on market for a home in Memphis, MI is 52. This is a decrease of -8.0% 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	$320,000	-40.0%
Listing Count	15	39.0%
Listings as % of Homes	0.5%	39.0%
Days on Market	52	-8.0%

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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%

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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%

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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%

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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

Memphis, MI—48041

Key Metrics at a Glance

Home Price Trends — Memphis, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Memphis, MI

% of Rental Stock

Property Listings — Memphis, MI

Demographics — Memphis, MI

Race and Ethnicity

Mortgage and Risk — Memphis, MI

Mortgages

Rentals and Section 8 — Memphis, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Memphis, MI

Home Price to Income Ratio

Memphis, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Richmond, MI

Emmett, MI

Goodells, MI

Allenton, MI

Armada, MI

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.1
Median Home Price	$310,000
Median Household Income	$87,600

Memphis, MI—48041

Key Metrics at a Glance

Home Price Trends — Memphis, MI

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Memphis, MI

% of Rental Stock

Property Listings — Memphis, MI

Demographics — Memphis, MI

Race and Ethnicity

Mortgage and Risk — Memphis, MI

Mortgages

Rentals and Section 8 — Memphis, MI

Section 8 Market Size

Section 8 Opportunity

Affordability — Memphis, MI

Home Price to Income Ratio

Memphis, MI — ZIP Code Boundary Map

Nearby ZIP Codes

Richmond, MI

Emmett, MI

Goodells, MI

Allenton, MI

Armada, MI

Frequently Asked Questions

What is the average home price in Memphis, MI 48041?

How have home prices in Memphis, MI 48041 changed over the past year?

What is the home price projection for Memphis, MI 48041?

What are the demographics of Memphis, MI 48041?

How long does it take homes to sell in Memphis, MI 48041?

What is the average rent price in Memphis, MI 48041?