The Memphis Mid-Year
Housing Market Report
A plain-English look at what actually happened in our market through June 2026 — no hype, no spin, just the numbers and what they mean for you.
June 2026 at a Glance
"Months of supply" = how long it would take to sell every home currently listed at the current sales pace. Under ~5 months generally favors sellers; over ~6 favors buyers. Memphis sits at 3.4 — still seller-leaning, but the most balanced we've been in two years.
Is the Market Crashing? No — It's Normalizing.
You may have heard that home sales are down. That's true: the Memphis area recorded 6,942 sales in the first half of 2026, about 8% fewer than the same period last year. But here's what the headlines skip — prices rose at the same time. The median sale price climbed 4.5% to $230,000, and nearly $2 billion in homes still changed hands in six months.
In a true downturn, sales and prices fall together. What we have instead is a pickier market: fewer transactions, happening at higher prices, taking a reasonable ~49 days. That's a market returning to normal after several frenzied years — not one falling apart.
| 2026 YTD | 2025 YTD | Change | |
|---|---|---|---|
| Total Home Sales | 6,942 | 7,532 | ▼ 7.8% |
| Median Sales Price | $230,000 | $220,000 | ▲ 4.5% |
| Average Sales Price | $281,060 | $270,052 | ▲ 4.1% |
| Total Sales Volume | $1.95 billion | $2.03 billion | ▼ 3.9% |
| New Home Sales (units) | 339 | 384 | ▼ 11.7% |
| Foreclosure Actions | 239 | 267 | ▼ 10.5% |
One more myth, retired
Waiting for a wave of foreclosures to bring bargains? June foreclosure actions fell 47.9% from last year — just 38 in the entire three-county area. Homeowners today hold record equity. There is no distressed wave coming.
Buyers Finally Have Choices
Active listings reached 5,067 in June — the highest level in at least two years, and 12.2% more than last June. For buyers, that means real selection and real negotiating room on terms, repairs, and closing help. For sellers, it means your home now has visible competition — pricing accurately from day one matters more than it has in years. Homes priced to the current market still sell in about 49 days; overpriced homes sit while the neighbors' sell.
How Our Communities Performed in June
| Market | June Sales | YoY | June Median | YoY | YTD Sales | YTD Median |
|---|---|---|---|---|---|---|
| Fayette County | 105 | ▲ 61.5% | $395,040 | ▲ 6.8% | 395 | $376,990 |
| Collierville | 118 | ▲ 3.5% | $510,500 | ▼ 6.8% | 422 | $504,500 |
| Bartlett | 155 | ▼ 7.7% | $282,000 | ▲ 6.4% | 719 | $267,000 |
| Germantown | 85 | ▼ 12.4% | $485,000 | ▲ 8.5% | 346 | $480,250 |
| Millington | 30 | ▼ 11.8% | $273,990 | ▼ 9.3% | 140 | $261,495 |
| Cordova | 83 | ▼ 18.6% | $320,000 | ▼ 2.9% | 399 | $305,000 |
| Lakeland | 35 | ▼ 27.1% | $425,000 | ▼ 4.8% | 139 | $420,000 |
| Arlington | 21 | ▼ 27.6% | $575,000 | ▲ 4.7% | 114 | $462,500 |
A note on reading this honestly: in smaller communities like Arlington (21 June sales) and Lakeland (35), one month is a tiny sample — a few closings either way swings the percentage wildly. Year-to-date columns are the more reliable trend. Arlington, for example, shows −27.6% for June yet its year-to-date sales are exactly flat with prices up 4.3% — a market short on homes to sell, not short on buyers.
Three Stories Worth Knowing
Fayette County is booming
June sales jumped 61.5% — and it isn't just new construction. Sales of existing homes rose 67%, with the existing-home median up 22.4% to $391,000. Families are heading east for land, new homes near $408K, and lower taxes. Oakland, Piperton, Rossville, and Somerville are the ones to watch.
Collierville & Germantown: two kinds of strength
Collierville was the only major suburb to sell more homes than last year (June and YTD), with new builds reaching a $992K median. Germantown sold fewer homes at notably higher prices — median up 8.5%, with custom new builds averaging $1.59M this year.
Affordability still exists
Millington's sales are up 15.7% this year with a $261K median and brand-new homes at $308K. Bartlett remains the metro's steadiest market — 719 sales, nearly identical to last year, at a $282K June median. First-time buyers: these are your markets.
Practical Guidance, Whichever Side You're On
If you're thinking of selling
- Values are still rising — the metro median is up 4.5% this year. Prepared sellers are doing well.
- You have more competition than any month in two years. The first two weeks on market matter most.
- Price to today's comparable sales, not your neighbor's 2024 result. Accurate pricing is what produces the ~49-day sale.
- Presentation counts again: condition, photos, and readiness separate homes that move from homes that sit.
If you're thinking of buying
- Selection is the best it's been in two years — 12% more homes to choose from than last June.
- Use that leverage on terms: inspections, repairs, closing costs, rate buydowns — not on hoping prices collapse.
- Prices rose while buyers waited: +4.5% metro-wide this year, +22% for existing homes in Fayette County.
- New construction is friendlier than you think — builders are deliberately delivering smaller, more attainable homes, which is why new-home medians came down even as values held.
Every neighborhood is its own market. These are metro-level patterns — the right decision for your street depends on hyper-local data any good agent (ours or otherwise!) can pull for you.