Market Intelligence · TN / Memphis

Memphis, TN 38120 Housing Market

In 38120, the typical home value is $422,325, down 1.2% over the past year. Homes on the market have a median list price of $444,250 and spend a median of 68 days before going under contract.

Updated September 2026Median value$422K

The median home value in Memphis, TN 38120 is $422K as of September 2026, down 1.2% 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 38120 range

$389K to $456K

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

-1.2% over 12 months

Sep 2025$427K

Low $421KHigh $427K

Sep 2026$422K

The numbers

What is the 38120 housing market like?

As of September 2026

Typical home value

$422K

1.2%YoY

Median list price

$444K

1.0%MoM

Days on market

2.9%MoM

Homes for sale

2.2%MoM

Price cuts

31.2%

1.4%MoM

New listings

0.0%MoM

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

The outlook

38120 housing market forecast 2027

0.0%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 38120 to stay roughly flat by September 2027 (no change).

Over the 12 months through September 2026, typical home values in 38120 fell 1.2%, per the Zillow Home Value Index.

Will home prices drop in 38120?

Zillow's forecast does not point to a meaningful drop: it expects typical home values in 38120 to stay roughly flat by September 2027 (no change), after a 1.2% 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 38120 home prices compare?

38120$422,325
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 data shows 88 homes for sale in this ZIP, with 28 new listings arriving in the same period. The median list price sits at $444,250, while homes typically spend 68 days on market. Nearly one-third of all listings, 31.2%, have seen a price reduction since being listed. With values declining and extended marketing time, sellers should expect measured buyer interest rather than competitive pressure.

Monthly payment

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Home price

Down payment20% · $84,465

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Common questions

What people ask us.

What is the typical home value in 38120?

The typical home value is $422,325, down 1.2% over the past year as of September 2026.

How long do homes stay on the market in 38120?

Homes in this ZIP spend a median of 68 days on market before selling.

What share of homes have price cuts?

As of September 2026, 31.2% of listings in 38120 have received a price reduction.

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Nearby ZIP markets.

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