The Downtown Memphis housing market is not very competitive. The median sale price of a home in Downtown Memphis was $238K last month, down 25.6% since last year. The median sale price per square foot in Downtown Memphis is $235, up 10.6% since last year.
What is the housing market like in Downtown Memphis today?
In March 2024, Downtown Memphis home prices were down 25.6% compared to last year, selling for a median price of $238K. On average, homes in Downtown Memphis sell after 124 days on the market compared to 68 days last year. There were 32 homes sold in March this year, down from 42 last year.
All Home Types
Median Sale PriceAll Home Types
Median Sale Price
(All Home Types)
$238,000
-25.6% YoY | Mar 2024
Based on Redfin calculations of home data from MLS and/or public records.
Location
Data
Mar 2024
Growth
% YoY
Downtown Memphis, TN
$238,000
-25.6%
United States
To compare other locations to the Downtown Memphis and U.S. housing market, enter a city, neighborhood, state, or zip code into the search bar. Learn which home features in Memphis add value to a home.
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How hot is the Downtown Memphis housing market?
Downtown Memphis is not very competitive. Homes sell in 115 days.
0
100
14
Not Very Competitive
Redfin Compete Score™
The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
Calculated over the last 3 months
Multiple offers are rare.
The average homes sell for about 4% below list price and go pending in around 115 days.
Hot homes
can sell for around list price and go pending in around 40 days.
School data provided by GreatSchools. School service boundaries are intended to be used as reference only. To verify enrollment eligibility for a property, contact the school directly.
Climate's impact on Downtown Memphis housing
Learn about natural hazards and environmental risks, such as floods, fires, wind, and heat that
could impact homes in Downtown Memphis.
Risk Factor
Flood Factor - Moderate
15% of properties are at risk of severe flooding over the next 30 years
Flood Factor
Downtown Memphis has a moderate risk of flooding. 623 properties in Downtown Memphis are likely to be
severely affected
by flooding over the next 30 years. This represents 15% of all properties in Downtown Memphis. Flood risk is increasing slower than the national average.
<1% of properties are at risk of wildfire over the next 30 years
Fire Factor
Downtown Memphis has a minor risk of wildfire. There are 6 properties in Downtown Memphis that have some risk of being affected by wildfire over the next 30 years. This represents <1% of all properties in Downtown Memphis.
100% of properties are at moderate
risk of a severe wind event over the next 30 years
Wind Factor
Downtown Memphis has a Moderate Wind Factor® risk based on the projected likelihood and speed of hurricane, tornado, or severe storm winds impacting it. Downtown Memphis is most at risk from hurricanes. 6,592 properties in Downtown Memphis have some risk of being in a severe wind event within the next 30 years.
Wind likelihood over time
If an exceedingly rare windstorm
(a 1-in-3,000 year storm event)
occurred today, it could cause wind gusts of up to 69 mph. In 30 years, an event of this same likelihood would show increased wind gusts of up to 77 mph.
82% of properties are at severe
risk of heat over the next 30 years
Heat Factor
Downtown Memphis has a severe risk from heat. This is due to
"feels like" temperatures
increasing, and because 82% of homes in Downtown Memphis have a Severe Heat Factor®.
Downtown Memphis is expected to see a 185% increase in the number of days over 109ºF over the next 30 years. Downtown Memphis is expected to experience 6