Market Intelligence · TN / Memphis

Memphis, TN 38135 Housing Market

The typical home value in Memphis 38135 is $294,757, down 0.7% over the past year. Homes are listed at a median price of $328,950 and spend about 64 days on the market.

Updated September 2026Median value$295K

The median home value in Memphis, TN 38135 is $295K as of September 2026, down 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 38135 range

$271K to $318K

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$297K

Low $295KHigh $297K

Sep 2026$295K

The numbers

What is the 38135 housing market like?

As of September 2026

Typical home value

$295K

0.7%YoY

Median list price

$329K

0.3%MoM

Days on market

16.4%MoM

Homes for sale

6.0%MoM

Price cuts

26.8%

20.3%MoM

New listings

18.7%MoM

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

The outlook

38135 housing market forecast 2027

-0.3%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 38135 to stay roughly flat by September 2027 (down 0.3%).

Over the 12 months through September 2026, typical home values in 38135 fell 0.7%, per the Zillow Home Value Index.

Will home prices drop in 38135?

Zillow's forecast does not point to a meaningful drop: it expects typical home values in 38135 to stay roughly flat by September 2027 (down 0.3%), after a 0.7% 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 38135 home prices compare?

38135$294,757
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 79 homes for sale in 38135 as of September 2026, with 26 new listings entering the market. The median list price sits at $328,950, while the typical home value has declined slightly to $294,757. Homes typically spend 64 days on market, and more than one in four listings have seen a price reduction. The slower pace of sales and modest value decline suggest this is a buyer-friendly environment.

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Down payment20% · $58,951

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Common questions

What people ask us.

What is the typical home value in 38135?

The typical home value is $294,757, down 0.7% over the past year as of September 2026.

How long do homes stay on the market here?

The median days on market is 64 as of September 2026.

What share of homes have had a price cut?

As of September 2026, 26.8% of listings have had a price reduction.

Discover

Nearby ZIP markets.

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