Market Intelligence · TN / Memphis

Memphis, TN 38115 Housing Market

The typical home value in 38115 is $160,944, up 0.7% over the past year. The median list price stands at $129,675, with homes spending a median of 62 days on the market.

Updated September 2026Median value$161K

The median home value in Memphis, TN 38115 is $161K as of September 2026, up 0.7% 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 38115 range

$148K to $174K

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

+0.7% over 12 months

Sep 2025$160K

Low $159KHigh $162K

Sep 2026$161K

The numbers

What is the 38115 housing market like?

As of September 2026

Typical home value

$161K

0.7%YoY

Median list price

$130K

10.8%MoM

Days on market

1.6%MoM

Homes for sale

3.6%MoM

Price cuts

22.7%

5.6%MoM

New listings

10.0%MoM

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

The outlook

38115 housing market forecast 2027

-0.6%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 38115 to fall 0.6% by September 2027.

Over the 12 months through September 2026, typical home values in 38115 rose 0.7%, per the Zillow Home Value Index.

Will home prices drop in 38115?

Zillow's forecast says they may: it expects typical home values in 38115 to fall 0.6% by September 2027, after a 0.7% rise 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 38115 home prices compare?

38115$160,944
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

September 2026 shows 54 homes for sale in this Memphis ZIP code, with 18 new listings added recently. The median days on market of 62 suggests a gradual pace. About 22.7% of listings have seen a price cut, which is notable given that home values have edged up over the past year. For sellers, this points to a market where pricing strategy matters more than overall momentum.

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Common questions

What people ask us.

What is the typical home value in 38115?

The typical home value is $160,944, up 0.7% over the past year as of September 2026.

How many homes are currently for sale in 38115?

There are 54 homes for sale as of September 2026, with 18 new listings added recently.

How long do homes typically stay on the market in 38115?

The median days on market is 62 as of September 2026.

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