The story of this market
The typical home in ZIP 38115 sells for about $119,950, or $105 per square foot.
Prices are down 2.08% from a year ago, which gives buyers more room to negotiate. Homes take about 62 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,185 a month.
ZIP 38115 — Memphis
The 38115 housing market is currently experiencing a period of price stagnation with a slight year-over-year decline, reflecting broader trends in the Memphis area. High inventory levels relative to sales volume are providing buyers with increased leverage, while rental demand remains steady but price-sensitive. The market is largely driven by its affordability and proximity to major logistics employment centers.
This ZIP is primarily suited for budget-conscious family buyers and investors seeking entry-level housing, as well as renters looking for proximity to major logistics employment hubs.
Median prices moved down 2.1% year over year.
Homes spend a median of 62 days on market with 3.2 months of supply — a fast-moving market.
15% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 8.4% · poverty 18.8% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.4%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.0%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 38115, Shelby County TN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Crime rates in the 38115 area remain a significant concern, with reported incidents consistently higher than both the Memphis city average and national benchmarks.
Public schools serving the area generally receive lower performance ratings, with many institutions facing challenges in meeting state proficiency standards.
The area is subject to standard regional risks including severe thunderstorms and occasional wind damage, with flood risk varying by specific neighborhood proximity to local drainage basins.
Economic momentum is driven by proximity to the Memphis International Airport logistics hub and major distribution centers, though residential development remains largely infill-focused.
Property taxes are assessed by Shelby County based on a 25% assessment ratio for residential property, with the total rate determined by the combined city and county tax levies.
Residents benefit from direct access to I-240 and US-78, providing a relatively straightforward commute to the Memphis employment core and the airport logistics district.
The area features several local parks and community centers, with proximity to the Hickory Hill area providing access to various retail shopping and dining corridors.
The rental market is characterized by high demand for affordable housing, with a significant presence of individual investors and property management firms.
The local economy is heavily anchored by the logistics, transportation, and warehousing sectors, largely due to the proximity of the Memphis International Airport and FedEx hub.
The area is served by a network of major highways including I-240 and I-385, facilitating regional transit, though public transit options remain limited.
Development is currently focused on the revitalization of existing commercial corridors and the expansion of industrial logistics capacity.
The Shelby County Assessor of Property conducts periodic reappraisals to ensure assessments reflect current market values.
Parcels are subject to Shelby County and City of Memphis tax levies, with additional assessments for local utility and drainage districts.
Property insurance premiums are influenced by regional weather patterns, including wind and hail risk, leading to moderate to high coverage costs.
Data retrieved from US Census Bureau ZCTA 38115 profiles.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
- Dave & Buster's Memphis411.1 mi
- K1 Speed Memphis4.78.6 mi
- Urban Air Trampoline and Adventure Park4.27.6 mi
- Urban Air Trampoline and Adventure Park4.28.3 mi
- Jumping World4.18.2 mi
- Memphis Zoo4.610.3 mi
- FedExForum4.712.4 mi
- Crosstown Concourse4.711.2 mi
- Renasant Convention Center4.512.9 mi
- B.B. King's Blues Club4.612.6 mi
- Graceland4.59.4 mi
- Memphis Zoo4.610.3 mi
- National Civil Rights Museum4.912.6 mi
- Malco Paradiso4.54.9 mi
- Shelby Farms Park4.86.3 mi
- Graceland4.59.4 mi
- National Civil Rights Museum4.912.6 mi
- Crosstown Concourse4.711.2 mi
- Sun Studio4.811.8 mi
- Lorraine Motel4.912.6 mi
- Shelby Farms Park4.86.3 mi
- Memphis Botanic Garden4.75.3 mi
- Tom Lee Park4.613 mi
- Overton Park4.69.8 mi
- Snowden Grove Park4.67.9 mi
- Topgolf Memphis3.52.7 mi
- TPC Southwind4.84.6 mi
- Windyke Country Club4.84.7 mi
- Cherokee Valley Golf Club4.56.5 mi
- Ridgeway Country Club4.87.1 mi
- Tanger Outlets Southaven4.510.8 mi
- Wolfchase Galleria4.211.2 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Provides fitness facilities and community programming.
Major commercial artery with diverse retail and dining options.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.