Memphis house prices
House prices in the Memphis, TN-MS-AR metro area fell 0.7% over the year to 2026 Q2, and are +20.6% over five years. It ranks #87 of the 100 metro areas FHFA tracks.
How Memphis compares
Memphis is moving more slowly than the typical American market, where the median state changed +2.7% over the same year. Within its own state it is running 1.6 percentage points behind Tennessee overall, which is the more useful comparison, since a metro and its state share the same mortgage market and much of the same economy.
Prices are at or near their record level for this market. At the current 30-year mortgage rate of 6.71%, a $300,000 loan costs about $1,938 a month in principal and interest.
Fifteen years of the index
Q2 of each year, index base 100 in 1991. Source: Federal Housing Finance Agency, House Price Index, purchase-only, quarterly, not seasonally adjusted.
Nearby metro areas
| Metro area | One year | Five years | Index |
|---|---|---|---|
| Knoxville, TN | +1.6% | +49.5% | 517.79 |
| Little Rock-North Little Rock-Conway, AR | +1.8% | +31.7% | 333.77 |
| Nashville-Davidson--Murfreesboro--Franklin, TN | -0.2% | +34.4% | 599.38 |
Memphis house prices: common questions
Are house prices going up in Memphis?
No. Prices fell 0.7% over the year to 2026 Q2. Across the 100 metros tracked, Memphis ranks #87 for one-year growth. That is 1.6 percentage points slower than Tennessee as a whole.
How much have Memphis prices risen long term?
+20.6% over five years, +82.1% over ten, and +219% since the index began in 1991.
Has Memphis recovered its previous peak?
Yes, the index is at or near its record high, set in 2025 Q2.
What exactly is being measured?
The FHFA purchase-only house price index, built from repeat sales of the same properties financed by mortgages Fannie Mae or Freddie Mac bought. It tracks price movement rather than price level, and it excludes cash purchases and homes bought with jumbo or government-backed loans, so very high and very low ends of a market are underrepresented.