The Memphis housing market saw one of the steepest price declines among the nation’s largest metro areas in April, according to new data from Realtor.com.
The median list price in the Memphis, Tenn.-Miss.-Ark. metro area fell to $300,995 in April 2026, down 12.9% from a year earlier. The decline was one of the sharpest among the 50 largest U.S. housing markets tracked in Realtor.com’s April 2026 Monthly Housing Report.
The report also showed that Memphis posted a 5.8% decline in median list price per square foot, tying San Antonio for the second-largest drop among major metros, behind only Austin, where the price per square foot fell 7.7%. Realtor.com said the median list price per square foot was down in 35 of the nation’s 50 largest metros in April.
The price drop came as more homes were listed for sale across the Memphis area. Active listings in the metro increased 16.4% year over year, while new listings rose 9.9% from April 2025.
Homes in Memphis also moved slightly faster than they did a year ago. The median number of days on the market declined by two days compared with April 2025, according to the report.
At the same time, more sellers appear to be cutting prices. Realtor.com reported that 22.3% of active Memphis-area listings had price reductions in April, up 1.6 percentage points from a year earlier.
Nationally, the housing market showed signs of becoming more favorable to buyers. Realtor.com reported that the national median list price was $425,000, down 1.4% from a year earlier, marking the sixth straight month of year-over-year price declines. Active listings nationwide rose 4.6%, while new listings increased 1.1%.
In its April housing report, Realtor.com said the spring market “held its ground” despite economic uncertainty, higher mortgage rates earlier in the month and concerns about consumer sentiment. The report said sellers appear to be adjusting expectations earlier, with lower list prices and fewer national price cuts suggesting that some homeowners are pricing more realistically from the start.
The Memphis numbers suggest a more competitive environment for sellers, with more inventory, lower asking prices and a larger share of listings seeing price reductions. For buyers, the trend could mean more options and more negotiating room than they had during tighter market conditions in recent years.
Realtor.com’s report is based on April 2026 listing data for existing single-family homes, condos, townhomes, row homes and co-ops listed on Realtor.com. New construction is excluded unless it appears through an MLS that provides listing data to Realtor.com.
