Memphis Homes under $500,000

Welcome to Memphis, Tennessee, a vibrant city steeped in rich history and culture, nestled in the heart of Shelby County. Known for its soulful music scene, delectable barbecue, and warm Southern hospitality, Memphis offers a unique blend of urban living and scenic beauty. From the iconic Beale Street to the historic Sun Studio, there's no shortage of attractions that celebrate the city’s musical legacy.

For those considering a move to this dynamic city, Memphis presents an exciting real estate market with homes available for under $500,000. Whether you're a first-time homebuyer, a growing family, or looking to downsize, you'll find a variety of charming neighborhoods that cater to diverse lifestyles.

Explore the family-friendly suburbs of Germantown and Collierville, where tree-lined streets and top-rated schools create a welcoming atmosphere. If you prefer a more urban vibe, the bustling Midtown area offers a mix of historic homes and modern condos, all within close proximity to parks, restaurants, and cultural attractions.

Memphis is not just about affordable housing; it’s also about community. Residents enjoy a rich tapestry of local events, farmers' markets, and festivals that foster a strong sense of belonging. With an affordable cost of living and a thriving job market, Memphis is an ideal place to plant your roots and create lasting memories.

If you're ready to discover your dream home in this incredible city, let us guide you through the exciting opportunities that await in Memphis. Your new chapter starts here!

Newest Memphis Homes under $500,000

$99,000

3 Beds ⋅ 1 Baths ⋅ 3614479 MLS ⋅ ACTIVE Status ⋅ 0.09 Acres ⋅ 38106 Zip Code

Welcome to 1397 Gill Avenue, a 3-bedroom, 1-bath home featuring spacious bedrooms, an updated bathroom, and a fenced backyard. Conveniently located near downtown Memphis, this property offers a great opportunity for buyers looking for a place to make their own.

1397 GILL AVE, Memphis

$225,000

2 Beds ⋅ 1 Baths ⋅ 3612165 MLS ⋅ ACTIVE Status ⋅ 0.13 Acres ⋅ 38104 Zip Code

If you think you've seen it, think again! Extensive repairs (call for more info) and a fresh new look with new hardwoods throughout most of the home! Charming, corner lot bungalow in Cooper Young, just a stone's throw from your favorite hangouts! Curl up on the porch swing with a book in hand or mosey around the corner for some live music, this home offers both quiet living and the ability to keep a pulse on the action. Kitchen features SS appliances, generous cabinet and counter space, and tons of natural light. Renovated bathroom with plumbing in place for a tub. 10' ceilings throughout. Fresh interior paint. HVAC replaced in 2021. Den has a door and a closet and could easily be a 3rd bedroom. Cute already but still teeming with potential, this one has a proven track record as a rental and would be great for owner occupants and investors alike! Quick possession possible. Some pictures have been digitally staged to provide inspiration.

1016 S COX ST, Memphis

$137,500

3 Beds ⋅ 2 Baths ⋅ 3282515 MLS ⋅ ACTIVE Status ⋅ 0.14 Acres ⋅ 38127 Zip Code

All brick charmer here! Fully remodeled home ready for its' new owner! Fully remodeled 3-bedroom, 2-bathroom home in Memphis primed to cash flow as it is rented at $1,300/mo. For buyers, the seller is offering a 1-0 rate buydown to lower your payment in year one plus a 1-year home warranty for peace of mind. New everything inside! No repairs, no surprises. Property management in place already, use current company or bring your own. This is an investment property and the seller has invested a lot of money into this home. Low offers will not be accepted and the seller is not offering seller financing.

5207 BRECKENWOOD DR, Memphis

$125,000

2 Beds ⋅ 1 Baths ⋅ 3223242 MLS ⋅ ACTIVE Status ⋅ 0.18 Acres ⋅ 38122 Zip Code

This 2 bedroom 1 bathroom home is a solid option for a first time buyer, investor, or someone looking to downsize in a growing part of Memphis. It offers a practical layout with good natural light and durable flooring that is easy to maintain. The living space feels open and comfortable, and the kitchen has a simple, efficient setup with cabinet space and room to personalize over time. The bathroom features a clean tile surround and straightforward finishes, and both bedrooms are well sized and flexible for guests, an office, or rental use. One of the standout features is the detached workshop in the backyard, ideal for storage, tools, hobbies, or extra workspace, while the fenced yard provides privacy and usable outdoor space. Located in the 38122 area, this home is close to shopping, dining, and major roads with convenient access to Midtown and East Memphis, making it a great fit for someone ready to build equity, expand a rental portfolio, or enjoy a more manageable home.

1201 LEAWOOD ST, Memphis

$219,000

2 Beds ⋅ 2 Baths ⋅ 3610231 MLS ⋅ ACTIVE Status ⋅ 0.12 Acres ⋅ 38104 Zip Code

Welcome to 1391 Vance Ave, featuring an expanded layout boasting approximately 1,600 sq ft of well-maintained living space! Highlights include a beautifully enclosed temperature-controlled sunroom, a dedicated laundry room, and an added second full bathroom. Enjoy reliable mechanicals with smooth-running HVAC, a solid roof, and full city utilities up to code. Complete with a detached carport and driveway, this move-in ready Memphis gem offers wonderful charm and space. Property sold AS-IS

1391 Vance Ave, Memphis

$285,000

3 Beds ⋅ 3 Baths ⋅ 3501492 MLS ⋅ ACTIVE Status ⋅ 0.29 Acres ⋅ 38111 Zip Code

What everyone is looking for. Quality new construction at an affordable price in a solid, central location! Two story,3 bed. 2 1/2 Bath. We are wrapping up the final punch list, hanging the light fixtures and sodding the yard so you can move in while the flowers are still blooming. Make your summer time move to a luxury build with an open, modern floor plan. Too many extras to list. Come on by and take a look for yourself while we are wrapping up. Owner/Agent SPECIAL OFFER! $7500 towards closing cost! Ask for details

3075 SPOTTSWOOD AVE, Memphis

3780 CAMBRIDGE STATION DR Unit #5, Memphis

$54,990

2 Beds ⋅ 2 Baths ⋅ 3603996 MLS ⋅ ACTIVE Status ⋅ 0.2 Acres ⋅ 38115 Zip Code

Nice, beatutiful and well kept 2bedroom 2bathroom townhome in Cambridge Condominium. Brand new window air conditioners installed In both windows (2026), new10yr lithium battery smoke alarms throughout (2025), and a nice size backyard for bbq's and nice gatherings. Unit is freshly painted and kitchen cabinets had been renewed (2025). Low taxes and low HOA dues. Minimum to none updates needed. Great first time homebuyers or investors. This wont last long

3780 CAMBRIDGE STATION DR Unit #5, Memphis

$84,000

3 Beds ⋅ 1 Baths ⋅ 3602999 MLS ⋅ ACTIVE Status ⋅ 0.2 Acres ⋅ 38127 Zip Code

Affordable, move-in-ready opportunity in Memphis! This 3-bedroom, 1-bath brick home offers 925 square feet of comfortable living space and is a great option for a first-time homebuyer or an investor looking to add to their rental portfolio. The single-level floor plan offers an easy, functional layout with all three bedrooms conveniently located on the main level. Outside, enjoy a spacious, level yard with plenty of room for outdoor living, pets, gardening, or entertaining. Located in the Shelby Forest–Frayser area with convenient access to major roadways, schools, shopping, and everyday amenities, this home combines affordability with accessibility. Whether you're ready to make the move from renting to owning or searching for your next investment property, 1972 Whitney Ave deserves a look. Schedule your showing today!

1972 Whitney Ave, Memphis

$399,000

6 Beds ⋅ 3 Baths ⋅ 3594113 MLS ⋅ ACTIVE Status ⋅ 0.21 Acres ⋅ 38112 Zip Code

Special Listing in the heart of Hein Park right across the campus from Rhodes College. Fully fenced home with an amazing functional pool, Home comes with a mother in Law suite, which can be easily rented to Rhodes College students. Mother in law suite is a studio with a kitchenette, full bathroom and a bedroom with small yard worth seeing, with full privacy. Main House has 4 Bedroom an 1 full and 1 half bath and an amazing pool and a fully fenced backyard with privacy to enjoy the pool. House is unique and on the list of historic homes! New roof, New HVAC, New appliances and light fixtures, pool has been restored fully, and perfect for investment or Primary home that can also generate some income from the back house that can help towards the mortgage.Make it an amazing airbnb or live and enjoy California style home for price next to nothing. Dont miss it!

816 Charles Pl, Memphis

$349,000

4 Beds ⋅ 2 Baths ⋅ 3594115 MLS ⋅ ACTIVE Status ⋅ 0.38 Acres ⋅ 38117 Zip Code

Welcome to 449 Green Acre Rd, ideally located in the heart of East Memphis! Enjoy convenient access to Whole Foods, shopping, dining, entertainment, and everyday amenities, all just minutes from home. The property is also conveniently located near the highly sought-after White Station school area. With a desirable East Memphis location and easy access to everything you need, this home offers an excellent opportunity for its next owner.

449 Green Acres Rd, Memphis

$65,000

2 Beds ⋅ 2 Baths ⋅ 3602145 MLS ⋅ ACTIVE Status ⋅ 0.12 Acres ⋅ 38122 Zip Code

Freshly updated and easy to live in, this two-story Memphis townhome pairs a light, neutral palette with warm wood-look flooring throughout. The main level opens to a bright living room anchored by a fireplace, flowing into a dining area where sliding glass doors lead out to the patio. The kitchen keeps everything within reach, with crisp white countertops, rich dark cabinetry, and a pass-through breakfast bar with open shelving. Upstairs, the primary bedroom offers a spacious walk-in closet with built-in shelving, while the second bedroom has its own generous closet. A convenient upstairs laundry area rounds out the floor plan. Out back, a fully fenced patio shaded by mature trees - complete with a storage shed - creates a relaxed, low-maintenance outdoor retreat. Move-in ready, this home delivers comfort and convenience in a central Memphis location.

3970 GRAHAMDALE CIR Unit #B, Memphis

$279,900

4 Beds ⋅ 3 Baths ⋅ 3602052 MLS ⋅ ACTIVE Status ⋅ 0.22 Acres ⋅ 38111 Zip Code

Welcome home to this beautifully renovated cottage-ranch style gem in the heart of Midtown! Offering 2,400 SF of living space, this 4 bed 3 bath blends timeless charm with a modern style. The main level features two primary suites and two additional guest bedrooms ideal for guests. The spacious sunlit living room with built-in bookshelves, a cozy fireplace, and refinished hardwood floors flows seamlessly into the formal dining room. The kitchen is complete with new cabinetry, quartz countertops, a wet bar, and a separate laundry room with a large pantry. Just off the kitchen, the inviting hearth room features vaulted ceilings, and opens to a private patio perfect for relaxing or entertaining. The 5th bedroom on the second level offers flexibility as a playroom, home office, or creative space. Additional highlights include a new roof, newer furnace and hot water tank, fresh interior and exterior paint, and a new privacy fence. Don’t miss this beauty. Schedule your private tour today.

3189 HIGHLAND PARK PL, Memphis

Start Your Search

Information Is Believed To Be Accurate But Not Guaranteed. Some or all listings may or may not be listed by the office/agent presenting these featured properties. Copyright 2026 MTRMLS, Inc. RealTracs Solutions.