The story of this market
The typical home in ZIP 38120 sells for about $476,825, or $173 per square foot.
Prices are down 10% from a year ago, which gives buyers more room to negotiate. Homes take about 92 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,705 a month.
ZIP 38120 — Memphis
The 38120 housing market is currently experiencing a price correction with a 10% year-over-year decline in median sale price as of June 2026. While the area remains one of the priciest in Memphis, high days on market and shifting demand suggest a cooling trend for sellers.
Median prices moved down 10.0% year over year.
Homes spend a median of 92 days on market with 0.0 months of supply — a slower-moving market.
0% of listings have cut prices · homes sell at 0% of asking — demand is holding steady.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 2.1% · poverty 7.9% — a stable, low-distress profile.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 38120, 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.
not determinable
- Dave & Buster's Memphis46.5 mi
- K1 Speed Memphis4.73.7 mi
- Urban Air Trampoline and Adventure Park4.23.9 mi
- Urban Air Trampoline and Adventure Park4.210.5 mi
- Jumping World4.13.2 mi
- Memphis Zoo4.68.1 mi
- FedExForum4.711.1 mi
- Crosstown Concourse4.79.2 mi
- Renasant Convention Center4.511.3 mi
- B.B. King's Blues Club4.611.3 mi
- Graceland4.510.9 mi
- Memphis Zoo4.68.1 mi
- National Civil Rights Museum4.911.5 mi
- Malco Paradiso4.52.2 mi
- Shelby Farms Park4.81.8 mi
- Graceland4.510.9 mi
- National Civil Rights Museum4.911.5 mi
- Crosstown Concourse4.79.2 mi
- Sun Studio4.810.4 mi
- Lorraine Motel4.911.5 mi
- Shelby Farms Park4.81.8 mi
- Memphis Botanic Garden4.73.6 mi
- Tom Lee Park4.611.8 mi
- Overton Park4.67.7 mi
- Snowden Grove Park4.612.5 mi
- Topgolf Memphis3.55.2 mi
- TPC Southwind4.86.2 mi
- Windyke Country Club4.86.9 mi
- Cherokee Valley Golf Club4.511.4 mi
- Ridgeway Country Club4.88 mi
- Wolfchase Galleria4.26.7 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
No county-record distress flags across 1 researched property on the ARED base layer. Key-figure check: median price diverges 74.8% from the nearest retained anchor (researched-property base layer) — beyond the 12.5% tolerance; an automated validation case is open and the value publishes pending its verdict. Validation: confirmed genuine market swing — the flagged $476,825 was independently re-read and corroborated by 3 source(s); it stands as the new anchor baseline.