Memphis FHA Loan Rates, Closing Costs & Stats

MEMPHIS, TN-MS-AR

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Memphis's 177 lenders originated 4,276 FHA loans during 2023. The total origination value was $1,064,920,000, with an average FHA loan value of $249,046.

    Memphis FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Memphis averaged 6.19% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Memphis's average FHA mortgage closing costs are $7,646.

    The average rate for the prior week (2024-12-06) was 6.46% and one month ago for the week of 2024-11-08, the average rate was 6.42%.

    The average rate one year ago was 6.93%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.29%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Memphis FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Memphis level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 438 6.20% $10,427
    COMMUNITY MORTGAGE CORPORATION 299 6.35% $10,195
    UNITED WHOLESALE MORTGAGE, LLC 184 6.23% $12,608
    CROSSCOUNTRY MORTGAGE, LLC 161 6.78% $11,506
    GUARANTEED RATE, INC. 137 6.47% $12,243
    Trustmark National Bank 122 6.37% $9,384
    DHI MORTGAGE COMPANY, LTD. 120 5.27% $7,209
    Eagle Bank and Trust Company 110 6.57% $9,161
    Patriot Bank 108 6.15% $9,113
    Regions Bank 98 6.17% $8,791
    MORTGAGE INVESTORS GROUP, INC. 94 6.49% $10,335
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 93 6.61% $9,600
    Nations Lending Corporation 92 6.76% $8,481
    BARTLETT MORTGAGE, INC. 91 6.27% $10,310
    CARDINAL FINANCIAL 85 6.36% $13,414
    FREEDOM MORTGAGE CORPORATION 76 6.61% $13,492
    STOCKTON MORTGAGE CORPORATION 73 6.64% $12,919
    FirstTrust Home Loans, Inc. 73 6.86% $8,310
    BROKER SOLUTIONS, INC. 70 6.68% $11,972
    Evolve Bank & Trust 68 6.62% $10,532
    BancorpSouth 68 6.24% $9,556
    LOANDEPOT.COM, LLC 63 6.28% $11,149
    Mr. Cooper ( Nationstar Mortgage ) 51 6.05% $14,847
    Bank of England 47 6.37% $11,009
    PENNYMAC LOAN SERVICES, LLC 45 6.02% $13,004
    Pinnacle Bank 45 6.38% $10,011
    Paramount Residential Mortgage Group, Inc. 44 6.59% $11,729
    SWBC MORTGAGE CORPORATION 40 6.48% $8,838
    Renasant Bank 39 6.43% $10,286
    Equity Prime Mortgage LLC 37 6.75% $13,044
    NEWREZ LLC 35 6.35% $9,648
    Wolfe Financial, Inc 33 6.44% $13,600
    Carrington Mortgage Services, LLC 31 6.09% $12,806
    AMERICAN FINANCIAL NETWORK, INC. 28 7.15% $12,463
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 27 6.60% $9,528
    AMERISAVE MORTGAGE CORPORATION 26 6.05% $12,954
    EVERETT FINANCIAL, INC. 26 6.72% $10,381
    FIRST COMMUNITY MORTGAGE, INC. 24 6.74% $10,289
    Independent Bank 23 6.44% $10,801
    PRIMELENDING, A PLAINSCAPITAL COMPANY 21 6.86% $11,296
    First Horizon Bank 20 6.64% $8,699
    Flagstar Bank, FSB 20 6.33% $9,167
    Plains Commerce Bank 17 6.60% $11,507
    MUTUAL OF OMAHA MORTGAGE, INC. 17 6.62% $11,493
    Mortgage Research Center, LLC 17 6.61% $6,909
    GUILD MORTGAGE COMPANY 16 6.20% $12,604
    LAKEVIEW LOAN SERVICING, LLC 15 6.04% $12,576
    RELIANCE FIRST CAPITAL, LLC 15 6.55% $12,789
    Hometown Equity Mortgage, LLC 15 6.50% $11,719
    SUN WEST MORTGAGE COMPANY, INC. 15 6.71% $9,427
    Citizens Bank 14 6.17% $9,177
    Simmons Bank 14 6.43% $10,418
    GMFS LLC 13 6.38% $11,463
    Century Mortgage Company DBA Century Lending Company 12 6.07% $11,973
    BankPlus 12 6.32% $6,751
    AmeriHome Mortgage Company, LLC 11 5.95% $7,933
    PLANET HOME LENDING, LLC 10 6.13% $10,822
    Orion Federal Credit Union 10 6.25% $7,716
    CMG MORTGAGE, INC. 10 6.46% $13,389
    MORTGAGE FINANCIAL SERVICES, LLC 10 6.89% $12,200
    MILEND, INC. 10 6.75% $16,350
    CHURCHILL MORTGAGE CORPORATION 10 6.10% $11,000
    Community Bank of Mississippi 9 6.40% $10,017
    TruHome Solutions, LLC 9 6.07% $10,221
    AMERICAN FINANCING CORPORATION 8 6.06% $10,984
    ACOPIA, LLC 8 7.33% $15,098
    DAS Acquisition Company, LLC 8 6.44% $9,723
    The Federal Savings Bank 8 6.69% $17,620
    ZILLOW HOME LOANS, LLC 8 6.53% $11,424
    FBC MORTGAGE, LLC 7 5.69% $10,240
    SECURITYNATIONAL MORTGAGE COMPANY 7 6.95% $12,547
    VILLAGE CAPITAL MORTGAGE 6 5.90% $12,955
    PENTAGON FEDERAL CREDIT UNION 6 5.50% $9,590
    PANORAMA MORTGAGE GROUP, LLC 6 6.67% $12,804
    U.S. Bank 5 6.55% $9,360
    Prosperity Home Mortgage, LLC 5 6.35% $11,669
    ROYAL UNITED MORTGAGE LLC 5 7.00% $9,130
    UNION HOME MORTGAGE CORP. 5 6.53% $11,806
    Wells Fargo Bank 5 6.45% $10,433
    HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.03% $10,839
    LAND HOME FINANCIAL SERVICES, INC. 5 6.98% $7,984
    MOVEMENT MORTGAGE, LLC 5 6.88% $8,817
    Cornerstone First Mortgage, Inc 4 6.69% $11,833
    MORTGAGE SOLUTIONS OF COLORADO, LLC 4 7.19% $11,024
    Leaders Credit Union 4 6.69% $6,113
    FirstBank 4 6.84% $10,142
    OCMBC, INC. 4 6.75% $14,796
    Truist 4 6.41% $7,563
    Lakeview Community Capital, LLC 4 5.59% $11,706
    AMERICAN FINANCIAL RESOURCES, INC. 4 5.78% $12,741
    BECKAM FUNDING CORP. 4 6.50% $20,090
    The First National Bank of Middle Tennessee 4 6.38% $10,818
    Arvest Bank 3 5.83% $9,838
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.54% $9,826
    LOANPAL, LLC 3 5.83% $6,641
    BAYSHORE MORTGAGE FUNDING, LLC 3 7.17% $16,228
    First Citizens National Bank 3 6.67% $7,766
    UNITED SECURITY FINANCIAL CORP 3 7.17% $17,733
    TOP FLITE FINANCIAL, INC. 3 6.83% $15,585
    M&T Bank 3 6.33% $8,352
    THRIVE MORTGAGE, LLC 3 6.58% $8,507
    NBKC BANK 3 6.08% $7,121
    T2 FINANCIAL LLC 3 7.08% $16,648
    EMM LOANS LLC 3 6.42% $17,865
    COMPASS MORTGAGE, INC. 3 6.83% $9,025
    CONTOUR MORTGAGE CORPORATION 3 6.21% $13,379
    Bank of America 3 6.29% $10,712
    SeaTrust Mortgage Company 3 6.71% $14,764
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.71% $6,462
    PLAZA HOME MORTGAGE, INC. 3 6.75% $9,840
    HOMESIDE FINANCIAL, LLC 3 6.21% $14,129
    First Federal Bank 2 5.31% $7,986
    PILGRIM MORTGAGE LLC 2 6.31% $11,668
    POLARIS HOME FUNDING CORP. 2 6.19% $11,205
    RUOFF MORTGAGE COMPANY, INC. 2 6.19% $6,166
    TJC Mortgage, Inc. 2 6.75% $9,018
    Northpointe Bank 2 6.19% $10,126
    MICHIGAN MUTUAL, INC. 2 6.81% $9,556
    BEST FINANCE CAPITAL, INC. 2 7.38% $11,946
    PHH Mortgage Corporation 2 7.13% $11,246
    HOMESTAR FINANCIAL CORPORATION 2 7.44% $7,753
    NEXERA HOLDING LLC 2 6.31% $9,182
    SOUTHPOINT FINANCIAL SERVICES, INC. 2 7.13% $10,406
    SIRVA MORTGAGE, INC. 2 6.69% $5,147
    NJ LENDERS CORP. 1 6.75% $10,002
    Allied First Bank,sb 1 6.75% $9,110
    AMERICAN MORTGAGE SERVICES INCORPORATED 1 6.25% $2,025
    Ameris Bank 1 5.75% $11,018
    Barrington Bank & Trust Company, N.A. 1 6.25% $9,612
    BAY EQUITY LLC 1 7.75% $12,644
    Bell Bank 1 6.75% $7,547
    BETTER MORTGAGE CORPORATION 1 7.25% $14,701
    BNC National Bank 1 6.13% $9,663
    CANOPY MORTGAGE, LLC 1 5.75% $9,880
    Centennial Bank 1 6.00% $9,235
    CIS Financial Services, Inc. 1 6.38% $12,587
    DRAPER AND KRAMER MORTGAGE CORP. 1 7.13% $8,575
    EMBRACE HOME LOANS, INC. 1 6.13% $11,376
    Fifth Third Bank 1 5.75% $13,918
    Financial Federal Bank 1 7.13% $8,899
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.13% $13,574
    First Financial Bank 1 6.38% $7,364
    First National Bank of Pennsylvania 1 5.75% $9,461
    First United Bank and Trust Company 1 6.88% $11,851
    FLAT BRANCH MORTGAGE, INC. 1 6.75% $11,273
    F&M Bank 1 5.63% $7,817
    Franklin Loan Corporation 1 5.75% $15,518
    GARDNER FINANCIAL SERVICES, LTD. 1 6.50% $23,546
    Gateway First Bank 1 7.25% $13,431
    GSF Mortgage Corporation 1 8.13% $10,196
    Hamilton Mortgage Corporation 1 7.13% $6,590
    Hawthorn Bank 1 6.13% $8,308
    KELLER MORTGAGE, LLC 1 6.13% $14,385
    LIBERTY HOME MORTGAGE CORPORATION 1 7.13% $13,707
    Loan Simple, Inc. 1 6.63% $5,206
    MID AMERICA MORTGAGE, INC. 1 7.75% $0
    MLD MORTGAGE INC. 1 6.13% $11,630
    MYCUMORTGAGE, LLC 1 7.13% $7,351
    NETWORK CAPITAL FUNDING CORPORATION 1 6.13% $10,217
    NFM, INC. 1 7.75% $8,063
    NMSI, INC. 1 6.63% $10,382
    North American Savings Bank, F.S.B. 1 5.50% $6,614
    OPEN MORTGAGE, LLC 1 5.63% $6,967
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 7.50% $9,657
    RANLIFE, INC. 1 5.38% $12,201
    Residential Mortgage Solutions, Inc. 1 6.88% $10,964
    Sierra Pacific Mortgage Company, Inc. 1 6.63% $12,721
    SOUTHWEST STAGE FUNDING, LLC 1 6.38% $5,760
    SOVEREIGN LENDING GROUP INCORPORATED 1 6.25% $11,556
    Stride Bank 1 7.13% $11,519
    Strong Home Mortgage, LLC 1 6.75% $5,523
    SUMMIT FUNDING, INC. 1 5.50% $9,862
    The Huntington National Bank 1 7.13% $11,420
    Towne Bank 1 6.75% $11,472
    TOWNE MORTGAGE COMPANY 1 5.75% $7,908
    United Fidelity Funding Corp. 1 6.25% $12,857
    Wyndham Capital Mortgage, Inc. 1 5.13% $9,080

    The top Memphis FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 438 FHA loans originated. Their average total fees are $10,427, which is $231 higher than the next largest lender, COMMUNITY MORTGAGE CORPORATION.

    The lowest fee Memphis FHA lenders (with over 10 loans originated) are BankPlus ($6,751), Mortgage Research Center, LLC ($6,909), DHI MORTGAGE COMPANY, LTD. ($7,209), Orion Federal Credit Union ($7,716) and AmeriHome Mortgage Company, LLC ($7,933).

    The lowest rate Memphis FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.27%), AmeriHome Mortgage Company, LLC (5.95%), PENNYMAC LOAN SERVICES, LLC (6.02%), LAKEVIEW LOAN SERVICING, LLC (6.04%) and AMERISAVE MORTGAGE CORPORATION (6.05%).

    Memphis FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    MEMPHIS, TN-MS-AR CRITTENDEN 2022 $420,680 $538,650 $651,050 $809,150
    MEMPHIS, TN-MS-AR DESOTO 2022 $420,680 $538,650 $651,050 $809,150
    MEMPHIS, TN-MS-AR MARSHALL 2022 $420,680 $538,650 $651,050 $809,150
    MEMPHIS, TN-MS-AR TATE 2022 $420,680 $538,650 $651,050 $809,150
    MEMPHIS, TN-MS-AR TUNICA 2022 $420,680 $538,650 $651,050 $809,150
    MEMPHIS, TN-MS-AR FAYETTE 2022 $420,680 $538,650 $651,050 $809,150
    MEMPHIS, TN-MS-AR SHELBY 2022 $420,680 $538,650 $651,050 $809,150
    MEMPHIS, TN-MS-AR TIPTON 2022 $420,680 $538,650 $651,050 $809,150
    MEMPHIS, TN-MS-AR CRITTENDEN 2023 $472,030 $604,400 $730,525 $907,900
    MEMPHIS, TN-MS-AR DESOTO 2023 $472,030 $604,400 $730,525 $907,900
    MEMPHIS, TN-MS-AR MARSHALL 2023 $472,030 $604,400 $730,525 $907,900
    MEMPHIS, TN-MS-AR TATE 2023 $472,030 $604,400 $730,525 $907,900
    MEMPHIS, TN-MS-AR TUNICA 2023 $472,030 $604,400 $730,525 $907,900
    MEMPHIS, TN-MS-AR FAYETTE 2023 $472,030 $604,400 $730,525 $907,900
    MEMPHIS, TN-MS-AR SHELBY 2023 $472,030 $604,400 $730,525 $907,900
    MEMPHIS, TN-MS-AR TIPTON 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $186,375 (9.7%) $245,918 (5.7%) 0.69 3,814
    2018-02-01 $184,350 (8.5%) $242,774 (5.0%) 0.67 3,798
    2018-03-01 $185,000 (6.5%) $248,291 (5.6%) 0.65 3,799
    2018-04-01 $193,450 (7.5%) $255,176 (3.6%) 0.66 3,202
    2018-05-01 $199,950 (8.1%) $265,105 (5.2%) 0.67 3,161
    2018-06-01 $210,875 (8.5%) $267,469 (5.0%) 0.70 3,415
    2018-07-01 $212,700 (8.1%) $266,363 (4.4%) 0.71 3,759
    2018-08-01 $212,900 (9.2%) $265,195 (4.9%) 0.71 3,759
    2018-09-01 $212,000 (7.1%) $264,535 (4.2%) 0.71 3,761
    2018-10-01 $215,000 (11.2%) $267,139 (7.0%) 0.73 3,768
    2018-11-01 $210,000 (10.6%) $262,223 (5.1%) 0.71 3,732
    2018-12-01 $209,900 (12.9%) $256,634 (3.4%) 0.72 3,470
    2019-01-01 $204,925 (10.0%) $254,140 (3.3%) 0.71 3,141
    2019-02-01 $208,244 (13.0%) $257,728 (6.2%) 0.70 3,034
    2019-03-01 $214,186 (15.8%) $269,000 (8.3%) 0.70 2,968
    2019-04-01 $222,325 (14.9%) $280,584 (10.0%) 0.71 2,987
    2019-05-01 $230,000 (15.0%) $285,812 (7.8%) 0.72 3,001
    2019-06-01 $230,000 (9.1%) $288,883 (8.0%) 0.72 3,102
    2019-07-01 $231,075 (8.6%) $289,796 (8.8%) 0.72 3,245
    2019-08-01 $232,845 (9.4%) $289,702 (9.2%) 0.74 3,227
    2019-09-01 $231,189 (9.1%) $290,408 (9.8%) 0.74 3,194
    2019-10-01 $230,134 (7.0%) $291,712 (9.2%) 0.74 3,162
    2019-11-01 $232,700 (10.8%) $294,661 (12.4%) 0.76 3,093
    2019-12-01 $232,450 (10.7%) $292,234 (13.9%) 0.78 2,936
    2020-01-01 $228,200 (11.4%) $289,871 (14.1%) 0.76 2,744
    2020-02-01 $230,000 (10.5%) $295,406 (14.6%) 0.75 2,508
    2020-03-01 $242,735 (13.3%) $306,363 (13.9%) 0.76 2,390
    2020-04-01 $249,073 (12.0%) $312,663 (11.4%) 0.78 2,396
    2020-05-01 $249,900 (8.7%) $319,737 (11.9%) 0.76 2,225
    2020-06-01 $258,138 (12.2%) $330,546 (14.4%) 0.76 1,991
    2020-07-01 $261,900 (13.3%) $342,121 (18.1%) 0.76 1,811
    2020-08-01 $264,950 (13.8%) $339,364 (17.1%) 0.76 1,722
    2020-09-01 $259,906 (12.4%) $337,050 (16.1%) 0.74 1,614
    2020-10-01 $259,900 (12.9%) $339,376 (16.3%) 0.74 1,615
    2020-11-01 $257,500 (10.7%) $331,667 (12.6%) 0.75 1,552
    2020-12-01 $249,950 (7.5%) $320,577 (9.7%) 0.74 1,434
    2021-01-01 $240,000 (5.2%) $317,478 (9.5%) 0.72 1,261
    2021-02-01 $234,800 (2.1%) $320,566 (8.5%) 0.68 1,107
    2021-03-01 $238,900 (-1.6%) $328,999 (7.4%) 0.68 1,037
    2021-04-01 $239,950 (-3.7%) $331,027 (5.9%) 0.65 1,024
    2021-05-01 $239,900 (-4.0%) $325,602 (1.8%) 0.64 1,071
    2021-06-01 $242,875 (-5.9%) $322,398 (-2.5%) 0.64 1,189
    2021-07-01 $245,000 (-6.5%) $320,679 (-6.3%) 0.65 1,333
    2021-08-01 $249,900 (-5.7%) $325,344 (-4.1%) 0.67 1,441
    2021-09-01 $248,975 (-4.2%) $322,490 (-4.3%) 0.66 1,412
    2021-10-01 $265,000 (2.0%) $338,544 (-0.2%) 0.71 1,335
    2021-11-01 $257,500 (0.0%) $337,716 (1.8%) 0.69 1,283
    2021-12-01 $243,375 (-2.6%) $326,952 (2.0%) 0.66 1,235
    2022-01-01 $219,900 (-8.4%) $323,754 (2.0%) 0.59 1,089
    2022-02-01 $226,450 (-3.6%) $331,601 (3.4%) 0.59 960
    2022-03-01 $227,450 (-4.8%) $326,620 (-0.7%) 0.57 1,055
    2022-04-01 $246,700 (2.8%) $340,862 (3.0%) 0.59 1,152
    2022-05-01 $292,500 (21.9%) $366,848 (12.7%) 0.67 1,308
    2022-06-01 $305,000 (25.6%) $376,587 (16.8%) 0.68 1,586
    2022-07-01 $319,900 (30.6%) $376,112 (17.3%) 0.72 2,048
    2022-08-01 $313,000 (25.3%) $369,982 (13.7%) 0.72 2,207
    2022-09-01 $316,748 (27.2%) $370,822 (15.0%) 0.74 2,330
    2022-10-01 $319,950 (20.7%) $367,511 (8.6%) 0.75 2,586
    2022-11-01 $324,950 (26.2%) $369,171 (9.3%) 0.78 2,770
    2022-12-01 $325,000 (33.5%) $370,937 (13.5%) 0.80 2,658
    2023-01-01 $324,950 (47.8%) $364,778 (12.7%) 0.80 2,408
    2023-02-01 $323,190 (42.7%) $362,229 (9.2%) 0.78 2,267
    2023-03-01 $319,000 (40.3%) $355,899 (9.0%) 0.75 2,293
    2023-04-01 $324,900 (31.7%) $365,244 (7.2%) 0.76 2,334
    2023-05-01 $325,000 (11.1%) $369,570 (0.7%) 0.74 2,405
    2023-06-01 $327,138 (7.3%) $375,526 (-0.3%) 0.74 2,529
    2023-07-01 $325,000 (1.6%) $369,793 (-1.7%) 0.74 2,727
    2023-08-01 $320,950 (2.5%) $368,137 (-0.5%) 0.74 2,886
    2023-09-01 $310,000 (-2.1%) $360,107 (-2.9%) 0.72 3,159
    2023-10-01 $318,500 (-0.5%) $365,974 (-0.4%) 0.75 3,370
    2023-11-01 $319,925 (-1.6%) $368,490 (-0.2%) 0.76 3,464
    2023-12-01 $318,900 (-1.9%) $366,710 (-1.1%) 0.78 3,412
    2024-01-01 $320,450 (-1.4%) $369,275 (1.2%) 0.78 3,101
    2024-02-01 $324,500 (0.4%) $373,827 (3.2%) 0.78 3,070
    2024-03-01 $326,900 (2.5%) $377,008 (5.9%) 0.77 3,169
    2024-04-01 $339,450 (4.5%) $390,749 (7.0%) 0.79 3,248
    2024-05-01 $349,900 (7.7%) $407,429 (10.2%) 0.79 3,503
    2024-06-01 $347,935 (6.4%) $399,876 (6.5%) 0.78 3,876
    2024-07-01 $341,498 (5.1%) $395,880 (7.1%) 0.78 4,063
    2024-08-01 $339,000 (5.6%) $393,935 (7.0%) 0.79 4,176
    2024-09-01 $336,225 (8.5%) $390,577 (8.5%) 0.79 4,314
    2024-10-01 $334,900 (5.2%) $389,477 (6.4%) 0.79 4,402
    2024-11-01 $333,845 (4.4%) $388,264 (5.4%) 0.80 4,454
    Memphis's median listing price for 2024-11-01 was $333,845, a difference of $13,920 (4.4%) versus the prior year and $-1,055 versus the prior month.

    Memphis's median listing price comes in at 80% of the national average.

    Memphis's average listing price for 2024-11-01 was $388,264, a difference of $19,774 (5.4%) versus the prior year and $-1,213 versus the prior month.

    For the 2024-11-01 period, Memphis had 4,454 MLS listings, a difference of 52 listings (1%) versus the prior month and 990 listings (29%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Memphis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 76 days 2,115 sqft
    2018-02-01 69 days 2,096 sqft
    2018-03-01 50 days 2,084 sqft
    2018-04-01 51 days 2,102 sqft
    2018-05-01 50 days 2,116 sqft
    2018-06-01 47 days 2,157 sqft
    2018-07-01 48 days 2,147 sqft
    2018-08-01 54 days 2,186 sqft
    2018-09-01 57 days 2,200 sqft
    2018-10-01 59 days 2,223 sqft
    2018-11-01 61 days 2,247 sqft
    2018-12-01 67 days 2,228 sqft
    2019-01-01 75 days 2,200 sqft
    2019-02-01 70 days 2,201 sqft
    2019-03-01 60 days 2,230 sqft
    2019-04-01 51 days 2,265 sqft
    2019-05-01 47 days 2,279 sqft
    2019-06-01 51 days 2,244 sqft
    2019-07-01 51 days 2,193 sqft
    2019-08-01 53 days 2,205 sqft
    2019-09-01 54 days 2,212 sqft
    2019-10-01 55 days 2,234 sqft
    2019-11-01 59 days 2,258 sqft
    2019-12-01 67 days 2,257 sqft
    2020-01-01 74 days 2,240 sqft
    2020-02-01 72 days 2,250 sqft
    2020-03-01 55 days 2,328 sqft
    2020-04-01 52 days 2,303 sqft
    2020-05-01 56 days 2,300 sqft
    2020-06-01 52 days 2,317 sqft
    2020-07-01 47 days 2,278 sqft
    2020-08-01 45 days 2,409 sqft
    2020-09-01 44 days 2,399 sqft
    2020-10-01 43 days 2,403 sqft
    2020-11-01 46 days 2,415 sqft
    2020-12-01 52 days 2,367 sqft
    2021-01-01 59 days 2,400 sqft
    2021-02-01 57 days 2,226 sqft
    2021-03-01 50 days 2,256 sqft
    2021-04-01 39 days 2,196 sqft
    2021-05-01 35 days 2,269 sqft
    2021-06-01 34 days 2,146 sqft
    2021-07-01 35 days 2,170 sqft
    2021-08-01 38 days 2,200 sqft
    2021-09-01 40 days 2,225 sqft
    2021-10-01 33 days 2,186 sqft
    2021-11-01 38 days 2,192 sqft
    2021-12-01 44 days 2,313 sqft
    2022-01-01 47 days 2,249 sqft
    2022-02-01 39 days 2,129 sqft
    2022-03-01 36 days 2,090 sqft
    2022-04-01 32 days 2,200 sqft
    2022-05-01 31 days 2,428 sqft
    2022-06-01 30 days 2,500 sqft
    2022-07-01 31 days 2,451 sqft
    2022-08-01 38 days 2,418 sqft
    2022-09-01 42 days 2,312 sqft
    2022-10-01 45 days 2,285 sqft
    2022-11-01 50 days 2,245 sqft
    2022-12-01 61 days 2,274 sqft
    2023-01-01 71 days 2,277 sqft
    2023-02-01 67 days 2,248 sqft
    2023-03-01 53 days 2,248 sqft
    2023-04-01 47 days 2,250 sqft
    2023-05-01 43 days 2,243 sqft
    2023-06-01 44 days 2,262 sqft
    2023-07-01 44 days 2,225 sqft
    2023-08-01 46 days 2,209 sqft
    2023-09-01 46 days 2,169 sqft
    2023-10-01 50 days 2,200 sqft
    2023-11-01 56 days 2,210 sqft
    2023-12-01 63 days 2,250 sqft
    2024-01-01 73 days 2,262 sqft
    2024-02-01 68 days 2,225 sqft
    2024-03-01 51 days 2,236 sqft
    2024-04-01 48 days 2,258 sqft
    2024-05-01 47 days 2,331 sqft
    2024-06-01 49 days 2,376 sqft
    2024-07-01 52 days 2,249 sqft
    2024-08-01 59 days 2,284 sqft
    2024-09-01 62 days 2,217 sqft
    2024-10-01 64 days 2,216 sqft
    2024-11-01 66 days 2,200 sqft
    Memphis's median listing age (time on market) for 2024-11-01 was 66 days. This is 19% longer than the same period one year ago.

    Memphis's median square footage for active listings during the 2024-11-01 period was 2,200 sqft. One year prior, the average listing was 2,210 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).