Market Intelligence · TN / Memphis

Memphis, TN 38109 Housing Market

The typical home in Memphis ZIP 38109 is worth $87,744, down 7.3% over the past year. The median list price is $100,000, and homes are taking a median of 77 days to sell.

Updated September 2026Median value$88K

The median home value in Memphis, TN 38109 is $88K as of September 2026, down 7.3% 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 38109 range

$81K to $95K

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

-7.3% over 12 months

Sep 2025$95K

Low $88KHigh $95K

Sep 2026$88K

The numbers

What is the 38109 housing market like?

As of September 2026

Typical home value

$88K

7.3%YoY

Median list price

$100K

0.5%MoM

Days on market

1.3%MoM

Homes for sale

187

7.4%MoM

Price cuts

29.9%

6.6%MoM

New listings

35.7%MoM

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

The outlook

38109 housing market forecast 2027

-1.6%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 38109 to fall 1.6% by September 2027.

Over the 12 months through September 2026, typical home values in 38109 fell 7.3%, per the Zillow Home Value Index.

Will home prices drop in 38109?

Zillow's forecast says they may: it expects typical home values in 38109 to fall 1.6% by September 2027, after a 7.3% 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 38109 home prices compare?

38109$87,744
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

As of September 2026, there are 187 homes for sale in the 38109 ZIP code, with 36 new listings arriving recently. The median list price of $100,000 sits above the typical home value, and homes spend a median of 77 days on the market before selling. Nearly 30% of listings have seen price cuts, a sign that inventory is moving slowly relative to asking prices. For sellers, this is a buyer-favorable market where pricing strategically matters.

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Common questions

What people ask us.

What is the typical home value in 38109?

The typical home value is $87,744, down 7.3% from a year earlier.

How many homes are currently for sale?

There are 187 homes for sale as of September 2026, with 36 new listings added recently.

How long do homes take to sell?

The median time on market is 77 days.

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Nearby ZIP markets.

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