How much is a home in 38118 worth?

The typical home value in 38118 is $125,176 as of 2026-08-01, down 0.1% over the past year. The median list price is $130,000.

How long does it take to sell a home in 38118?

Homes in 38118 spend a median of 78 days on market as of 2026-08-01. Sellers should expect a slower pace than a fast-moving market.

Is 38118 a buyer's or seller's market?

There are 89 homes for sale with 28 new listings, and 22.2% of listings have had a price cut. That points to a market that leans toward buyers.

Market Intelligence · TN / Memphis

Memphis, TN 38118 Housing Market

The typical home value in Memphis, TN 38118 is $125,176, down 0.1% over the past year as of 2026-08-01. The median list price is $130,000, and homes sit for a median of 78 days on market.

Updated August 2026Median value$125K

The median home value in Memphis, TN 38118 is $125K as of August 2026, down 0.1% 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 38118 range

$115K to $135K

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

-0.1% over 12 months

Aug 2025$125K

Low $125KHigh $126K

Aug 2026$125K

The numbers

What is the 38118 housing market like?

As of August 2026

Typical home value

$125K

0.1%YoY

Median list price

$130K

2.9%MoM

Days on market

34.5%MoM

Homes for sale

4.3%MoM

Price cuts

22.2%

11.2%MoM

New listings

75.0%MoM

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

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The comparison

How do 38118 home prices compare?

38118$125,176
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

The 38118 market is soft but stable. Values are down 0.1% over the past year, which is a small move, and the typical home value is $125,176. There are 89 homes for sale with 28 new listings coming on, so sellers face real competition. A median of 78 days on market means buyers have time to negotiate, and 22.2% of listings have already taken a price cut. For a seller in Memphis, TN 38118, pricing correctly from the start matters more than testing the market with a higher number.

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