Market Intelligence · TN / Memphis

Memphis, TN 38118 Housing Market

The typical home value in Memphis 38118 is $120,452, down 0.5% over the past year. The median list price stands at $129,950, with homes spending a median of 85 days on the market as of September 2026.

Updated September 2026Median value$120K

The median home value in Memphis, TN 38118 is $120K as of September 2026, down 0.5% 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 38118 range

$111K to $130K

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

-0.5% over 12 months

Sep 2025$121K

Low $120KHigh $122K

Sep 2026$120K

The numbers

What is the 38118 housing market like?

As of September 2026

Typical home value

$120K

0.5%YoY

Median list price

$130K

0.0%MoM

Days on market

9.0%MoM

Homes for sale

6.7%MoM

Price cuts

16.5%

25.7%MoM

New listings

0.0%MoM

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

The outlook

38118 housing market forecast 2027

-0.7%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 38118 to fall 0.7% by September 2027.

Over the 12 months through September 2026, typical home values in 38118 fell 0.5%, per the Zillow Home Value Index.

Will home prices drop in 38118?

Zillow's forecast says they may: it expects typical home values in 38118 to fall 0.7% by September 2027, after a 0.5% 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 38118 home prices compare?

38118$120,452
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 95 homes for sale in the ZIP as of September 2026, with 28 new listings added recently. The median time on market of 85 days suggests a slower pace for sales activity. About 16.5% of listings have had a price cut, which reflects some difficulty in moving inventory at initial asking prices. The slight annual decline in typical home value points to a soft market. If you are considering selling, expect patience and realistic pricing to be necessary.

Monthly payment

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Home price

Down payment20% · $24,090

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Common questions

What people ask us.

What is the typical home value in 38118?

The typical home value in 38118 is $120,452, which is down 0.5% over the past year as of September 2026.

How many homes are currently for sale in 38118?

There are 95 homes for sale in the ZIP as of September 2026, with 28 new listings in the recent period.

How long do homes typically stay on the market in 38118?

The median days on market is 85 as of September 2026, indicating a slower sales pace.

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