Move-in ready, totally updated single-level home offers three bedrooms and three full bathrooms, with an open layout that’s perfect for hosting family and friends. Both the primary suite and the guest suite feature private en-suite baths, and the home is finished with hardwood flooring throughout, premium stainless-steel appliances, quartz countertops, a generous kitchen island, and a breakfast bar. Multiple living spaces—including a dining room, living room, gathering room, and an all-weather sunroom—provide ample space to relax or entertain. The primary suite includes a walk-in closet, double-sink vanity, and a spacious walk-in shower. The guest suite also features a walk-in shower and quartz surfaces, while the hall bath offers a tub/shower combination. Set on a landscaped 1.18-acre corner lot, the outdoor space is ideal for gatherings and recreation.
Memphis Area Association of Realtors(R) MLS #10229009
Aug 24, 2026
Listed
$550,000
Memphis Area Association of Realtors(R) MLS #2
Jul 31, 2026
Price Changed
$550,000
Jun 18, 2026
Price Changed
$560,000
Apr 15, 2026
Price Changed
$595,000
Memphis Area Association of Realtors(R) MLS #10194296
May 23, 2025
Sold
$525,000
Apr 15, 2025
Listed
$599,000
Memphis Area Association of Realtors(R) MLS #1
Jun 3, 2024
Price Changed
$670,000
Mar 6, 2024
Price Changed
$675,000
Feb 6, 2024
Price Changed
$699,900
Memphis Area Association of Realtors(R) MLS #10134105
Jun 26, 2023
Sold
$452,500
May 29, 2023
Price Changed
$500,000
Mar 26, 2023
Price Changed
$550,000
Oct 20, 2022
Price Changed
$590,000
Sep 22, 2022
Listed
$600,000
Year
Property tax
Land + Additions
Assessment*
2025
$5,570 (+1.6%)
$28,500 + $100,725
$129,225
2024
$5,481
$28,500 + $100,725
$129,225
2023
$5,481 (+2.3%)
$16,650 + $88,150
$104,800
2022
$5,355 (−1.2%)
$16,650 + $88,150
$104,800
2021
$5,418 (+16.1%)
$16,650 + $88,150
$104,800
2020
$4,667 (+45.2%)
$16,650 + $88,150
$104,800
2019
$3,215
$16,650 + $62,725
$79,375
2018
$3,215 (−1.5%)
$16,650 + $62,725
$79,375
2017
$3,262 (+24.3%)
$16,650 + $62,725
$79,375
2016
$2,625
$16,650 + $62,725
$79,375
2014
$2,625
$16,475 + $43,600
$60,075
Public record
Public record
Zoning
Beds
3
Baths
2
Stories
1
Lot width
144 ft.
Lot depth
352 ft.
Lot size
1.18 Acres
Year renovated
1992
Finished Sq. Ft.
3,456
Unfinished Sq. Ft.
—
Total Sq. Ft.
3,456
Year built
1959
Style
Single Family Residential
County
Shelby County
APN
C0244P E00002
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Jul 13, 2026.
R-1
Low Density Residential District
These districts are designed to provide suitable areas for low density residential development characterized by an open appearance. The residential development will consist of single family detached dwellings and accessory structures. These districts also include community facilities, public utilities and open uses which serve specifically the residents of these districts. Further, it is the intent of this chapter that these districts be located so that the provision of appropriate urban services will be physically and economically feasible and so that provision is made for the orderly expansion and maintenance of urban residential development.
Permitted uses
Include but are not limited to:
Housing-Single unit
Educational/school
Fire house
Police station
Park & open space
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
3/10 Fire Factor
0.15% chance of being in a wildfire in next 30 years
6/10 Heat Factor
7 days above 109° expected this year, 21 days in 30 years
4/10 Wind Factor
17% chance of strong winds in next 30 years
3/10 Air Factor
2 unhealthy days expected this year, 4 days in 30 years
Provided by First Street
Historical weather
Collierville, TN • 38017
Average low and high temperatures (°F)
47
29
57
37
72
50
78
57
79
62
88
70
92
75
90
70
84
65
77
54
65
47
54
39
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
91/ 100
Exceptional sunlight
Sunscore
There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
9.8 hrs
6.4 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 506 Peterson Lake Rd
$543,657
$6,343 under list price of $550K
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $435K to $630K.