Metro area index
Home appreciation in the Memphis, TN-MS-AR metro area
FHFA HPI® data shows the Memphis, TN-MS-AR metro area's all-transactions index changed +1.8% over the year to Q2 2026, versus +2.6% for Tennessee and +3.0% for the U.S. That ranks 292nd of 410 metro areas and divisions FHFA tracks.
- 1-year change
- +1.8%
- 5-year change
- +33.1%
- Since Q1 1995
- +183%
- Metro rank (1 year)
- 292nd
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
Memphis, TN-MS-AR vs Tennessee and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Memphis, TN-MS-AR: 283.4
- Tennessee: 413.2
- United States: 391.6
Appreciation by time window
| Window | Metro | TN | U.S. | Gap vs TN | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +1.8% | +2.6% | +3.0% | −0.8 pts | −1.2 pts |
| 3 years | +6.0% | +11.8% | +12.9% | −5.9 pts | −6.9 pts |
| 5 years | +33.1% | +50.0% | +41.3% | −16.9 pts | −8.2 pts |
| 10 years | +87.8% | +119% | +93.3% | −31.3 pts | −5.5 pts |
| Since Q1 1995 | +183% | +313% | +292% | −129.9 pts | −108.2 pts |
3-digit ZIP regions in the Memphis, TN-MS-AR area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 381 · Memphis, TN area | TN | +0.4% | +26.1% | +186% | 100% |
| 380 · Memphis, TN area | TN | +4.2% | +40.9% | +180% | 69% |
| 386 · Southaven, MS area | MS | +3.5% | +50.9% | +221% | 61% |
| 723 · West Memphis, AR area | AR | +4.0% | +45.2% | +203% | 29% |
Boom, bust, and recovery in Memphis, TN-MS-AR area
Memphis, TN-MS-AR area's index peaked in Q2 2007, fell 14.7% to its low in Q2 2012, and regained its peak in Q2 2017, about 10 years after the top. Today it sits +80.1% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q2 2007 | Q2 2012 | -14.7% | Q2 2017 (10 yrs) | +80.1% |
| TN | Q1 2008 | Q2 2011 | -8.9% | Q2 2015 (7.2 yrs) | +134% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Memphis, TN-MS-AR area's index has changed +28.0% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | TN after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | -2.0% | -1.2% | -0.8% |
| 3 years | +9.8% | -3.5% | +1.9% | +2.8% |
| 5 years | +24.0% | +7.3% | +20.9% | +13.9% |
| 10 years | +39.1% | +35.0% | +57.5% | +39.0% |
| Since Q1 1995 | +121% | +28.0% | +86.6% | +76.8% |
If you bought in the Memphis, TN-MS-AR area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +179% | $836,087 |
| Q2 2000 | +127% | $679,605 |
| Q2 2005 | +93.7% | $581,151 |
| Q2 2010 | +99.4% | $598,205 |
| Q2 2015 | +94.8% | $584,428 |
| Q2 2020 | +50.1% | $450,310 |
| Q2 2021 | +33.1% | $399,216 |
| Q2 2023 | +6.0% | $317,942 |
| Q2 2025 | +1.8% | $305,356 |
Frequently asked questions
- How much have home prices risen in the Memphis, TN-MS-AR area?
- FHFA HPI® data for the Memphis, TN-MS-AR metro area shows changes of +1.8% over one year, +33.1% over five years, and +87.8% over ten years to Q2 2026, and +183% since Q1 1995.
- Is the Memphis, TN-MS-AR area beating the national average?
- Over the past year the metro's index moved −1.2 pts versus the U.S.; over five years the gap is −8.2 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.