Market Intelligence · TN / Memphis

Memphis, TN 38104 Housing Market

Typical home value in Memphis 38104 is $248,684, down 5.2% over the past year. The median list price stands at $279,900, with homes taking a median of 92 days to sell as of September 2026.

Updated September 2026Median value$249K

The median home value in Memphis, TN 38104 is $249K as of September 2026, down 5.2% year over year, according to Zillow ZHVI. For a read on your own home, start with a free consultation: a licensed local pro will walk you through your numbers and your options, with no obligation.

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Typical 38104 range

$229K to $269K

This is an automated estimate, not an appraisal. Actual value is determined by current market conditions and professional evaluation. It is provided for informational purposes only and is not an offer to buy or a promise of value.

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12-month value trend

-5.2% over 12 months

Sep 2025$262K

Low $249KHigh $262K

Sep 2026$249K

The numbers

What is the 38104 housing market like?

As of September 2026

Typical home value

$249K

5.2%YoY

Median list price

$280K

5.1%MoM

Days on market

7.0%MoM

Homes for sale

148

2.0%MoM

Price cuts

27.9%

21.3%MoM

New listings

6.2%MoM

Sources · Zillow ZHVI (September 2026) / Realtor.com (September 2026) / FRED (October 2026)

The outlook

38104 housing market forecast 2027

-0.5%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 38104 to fall 0.5% by September 2027.

Over the 12 months through September 2026, typical home values in 38104 fell 5.2%, per the Zillow Home Value Index.

Will home prices drop in 38104?

Zillow's forecast says they may: it expects typical home values in 38104 to fall 0.5% by September 2027, after a 5.2% decline over the past 12 months. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.

Forecast: Zillow Home Value Forecast, published October 2026. A forecast, not a guarantee.

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The comparison

How do 38104 home prices compare?

38104$248,684
Memphis$143,481
Tennessee$265,881
United States$285,347

Median Zillow home value (ZHVI), as of September 2026. Comparison levels are medians across every ZIP code with Zillow data (Memphis: 25 ZIPs; Tennessee: 587 ZIPs; United States: 26,262 ZIPs).

Context

There are 148 homes for sale in 38104, with 30 new listings added in September 2026. Nearly 28% of listings have seen a price cut, reflecting the downward pressure on values. The gap between median list price and typical home value suggests sellers are adjusting expectations in a softer market. Homes are staying on the market longer than they would in a brisk one. If you're thinking about selling, the current conditions favor well-priced homes that stand out.

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Down payment20% · $49,737

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Common questions

What people ask us.

What is a typical home worth in Memphis 38104?

As of September 2026, the typical home value is $248,684, down 5.2% over the past year.

How many homes are for sale in 38104?

There are 148 homes for sale as of September 2026, with 30 new listings that month.

How long do homes typically stay on the market?

The median days on market is 92 as of September 2026.

Discover

Nearby ZIP markets.

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