FHFA quarterly index through 2026 Q2Annual index 1975–2025Permits through August 2026
Memphis (100 = first year)United States, rebased to the same startNBER recession
FHFA notes: The FHFA HPI is a broad measure of the movement of single-family house prices. The FHFA HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or refinancings on the same properties. The line above is FHFA's standard quarterly all-transactions index for the metropolitan area; the comparison table below uses FHFA's annual CBSA index, which FHFA describes as developmental. The index does not give a dollar value for any home.
Memphis, TN-MS-AR is a metropolitan statistical area of 8 counties and about 1,341,000 residents. FHFA's annual index for it begins in 1975 and has risen +500.1% through 2025.
The standard quarterly index for the area, published through 2026 Q2, is +1.8% on a year earlier and +1.7% on the previous quarter.
Over the ten years to 2025 the annual index rose +82.2% (+6.2% a year), well below Tennessee at +113.5% and close to the national +85.0%.
From a 2007 peak the index fell −15.3% to 2012, regaining the peak in 2017.
Across its counties, 3,682 housing units were authorised in the 12 months to August 2026, 2.7 per 1,000 residents, +17.4% on the previous 12 months.
+1.8%year to 2026 Q2, quarterly indexUS +3.0%
+0.9%1 year, 2024–2025US +2.8%
+40.9%5 yearsUS +47.0%
+82.2%10 years+6.2% a year annualised
+101.4%since 2000US +158.3%
3,682units permitted, 12 months2.7 per 1,000 residents
FHFA annual all-transactions indexes over identical years. The state column is Tennessee, the first state in the area's name.
Decade by decade
Decade
Change
United States
1980s (1980–1990)
+44.0%
+68.2%
1990s (1990–2000)
+37.4%
+33.9%
2000s (2000–2010)
+8.4%
+29.7%
2010s (2010–2020)
+31.8%
+35.5%
2020s so far (2020–2025)
+40.9%
+47.0%
FHFA reports each index with a value of 100 in its base period, the first year the area has enough transactions (1975 here). A decade's change is the index at the end of the decade divided by the index at the start, so it does not depend on the base year; the United States column covers the same years. Decades before 1975 are not shown.
Peak-to-low declines
Peak
Low
Decline
Peak regained
2007
2012
−15.3%
2017
1981
1982
−9.1%
1983
1983
1984
−6.8%
1985
Building permits across the area
Housing units authorised in the area's 8 counties (OMB July 2023 delineations), summed from county files.
Housing units authorised in the Memphis, TN-MS-AR area by month, latest 12 monthssingle-family2+ unit buildings
Housing units authorised in the Memphis, TN-MS-AR area by month, latest 60 monthssingle-family2+ unit buildings
Housing units authorised in the Memphis, TN-MS-AR area by year, 1995–2025single-family2+ unit buildings
Permits, 12 months to August 2026
This area
Tennessee
United States
Housing units authorised
3,682
41,556
1,418,086
Units per 1,000 residents
2.7
5.7
4.1
Single-family share
88%
74%
63%
Change on previous 12 months
+17.4%
−4.5%
−0.1%
Counties in the area
Ranked by ten-year change in FHFA's county index to 2025; permits are the latest 12 months.
How much have home values in the Memphis, TN-MS-AR area risen over 10 years?
The FHFA annual index rose +82.2% between 2015 and 2025, about +6.2% a year. Over 20 years: +77.4%; since 2000: +101.4%. The quarterly index is +1.8% on a year earlier as of 2026 Q2.
Which counties in the Memphis, TN-MS-AR area rose most?
By ten-year change to 2025: Benton County (+131.1%), Marshall County (+94.9%) and Tipton County (+90.0%).
What happened to Memphis, TN-MS-AR prices after 2007?
The index peaked in 2007, fell −15.3% to 2012 and regained the peak in 2017. Nationally: −21.3% from 2007 to 2012.
How many homes are being built in the Memphis, TN-MS-AR area?
3,682 housing units were authorised across the area's counties in the 12 months to August 2026, 88% of them single-family, 2.7 per 1,000 residents.
Where does this data come from?
FHFA's annual CBSA house price index (developmental, updated March 31, 2026) and its standard quarterly metropolitan index; Census Bureau building permits summed over member counties (OMB July 2023 delineations) through August 2026; vintage 2025 population estimates.
Provenance
Index: Federal Housing Finance Agency, annual house price index for core based statistical areas (all-transactions, developmental), last updated March 31, 2026, values 1975–2025; quarterly metropolitan area index (all-transactions) through 2026 Q2. Permits: Census Bureau Building Permits Survey county files through August 2026, summed over member counties from OMB's July 2023 delineations. Population: Census Bureau vintage 2025 estimates. Public domain. Corrections · FHFA HPI datasets.