How much is a home in 38116 worth?

The typical home value in 38116 is $156,691, down 0.9% over the past year. The median list price is $159,900.

How long does it take to sell a home in 38116?

Homes in 38116 spend a median of 55 days on the market. With 23.7% of listings taking a price cut, homes priced too high tend to sit longer.

How much competition is there in the 38116 market?

There are 72 homes for sale in 38116, including 32 new listings. Buyers have options, so sellers should expect to compete on price and condition.

Market Intelligence · TN / Memphis

Memphis, TN 38116 Housing Market

The typical home value in Memphis, TN 38116 is $156,691, down 0.9% over the past year. Homes are listing at a median of $159,900, and they sit on the market a median of 55 days before selling.

Updated August 2026Median value$157K

The median home value in Memphis, TN 38116 is $157K as of August 2026, down 0.9% year over year, according to Zillow ZHVI. Get your own home's value and a real cash offer in about two minutes, with sources shown and no obligation.

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Typical 38116 range

$144K to $169K

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

-0.9% over 12 months

Aug 2025$158K

Low $157KHigh $161K

Aug 2026$157K

The numbers

What is the 38116 housing market like?

As of August 2026

Typical home value

$157K

0.9%YoY

Median list price

$160K

1.4%MoM

Days on market

15.4%MoM

Homes for sale

7.5%MoM

Price cuts

23.7%

12.7%MoM

New listings

23.1%MoM

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

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The comparison

How do 38116 home prices compare?

38116$156,691
Memphis$148,286
Tennessee$270,768
United States$288,625

Median Zillow home value (ZHVI), as of August 2026. Comparison levels are medians across every ZIP code with Zillow data (Memphis: 25 ZIPs; Tennessee: 587 ZIPs; United States: 26,265 ZIPs).

Context

There are 72 homes for sale in 38116, with 32 new listings coming on recently. That gives buyers a reasonable amount of choice in this part of Memphis. Values have drifted down 0.9% over the past year, and 23.7% of listings have taken a price cut. Homes are still moving, but at a median of 55 days, they are not flying off the market. For a seller, the honest read is that pricing realistically from day one matters more than aiming high and chasing the market down.

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