The story of this market
The typical home in ZIP 38128 sells for about $199,900, or $115 per square foot.
Prices are down 15% 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 $1,196 a month.
ZIP 38128 — Memphis
The housing market in 38128 is currently experiencing a cooling phase, characterized by a significant year-over-year decline in list prices and an increase in active inventory. Buyers are gaining leverage as homes remain on the market longer, reflecting a broader trend of softening demand across the Memphis region. High inventory levels and economic headwinds are driving this shift, leading to a more competitive environment for sellers.
This ZIP is well-suited for budget-conscious family buyers and investors seeking entry-level housing in an established suburban environment with convenient access to major employment hubs.
Median prices moved down 15.0% year over year.
Homes spend a median of 62 days on market with 4.2 months of supply — a balanced-paced market.
25% of listings have cut prices · homes sell at 97% of asking — demand is holding steady.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 6.9% · poverty 20.0% — 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 4.3%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 38128, 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 Memphis area remain elevated compared to national averages, with localized fluctuations in property and violent crime trends.
Public schools in the area are primarily served by the Shelby County Schools district, with performance ratings varying significantly by individual campus.
The area is subject to standard regional risks including severe thunderstorms and occasional wind events; flood risk is managed through local drainage infrastructure.
Economic momentum is driven by Memphis's role as a logistics and distribution hub, with ongoing development focused on industrial and commercial expansion.
Property taxes are assessed by the Shelby County Assessor; rates are determined by the combined levies of the county, city, and school district jurisdictions.
Residents typically rely on personal vehicles for commuting, with major access provided by the Covington Pike and nearby interstate corridors leading to downtown Memphis.
The area features local community parks and proximity to shopping centers along the Covington Pike corridor, providing essential retail and dining options.
The rental market shows steady demand with a median rent of approximately $1,450, reflecting the area's role as an affordable housing option for the broader Memphis workforce.
The local economy is anchored by the logistics, healthcare, and manufacturing sectors, benefiting from Memphis's status as a global distribution center.
Transportation is heavily reliant on the highway network, with limited public transit options connecting residential areas to the downtown employment core.
Development activity is primarily focused on infill residential projects and commercial upgrades along existing arterial roads.
The Shelby County Assessor's office conducts periodic reappraisals to determine property values for tax purposes.
Parcels are subject to Shelby County and Memphis municipal tax levies, along with specific school district assessments.
Property insurance premiums are influenced by regional weather patterns and the age of the housing stock.
Data retrieved from US Census Bureau ZCTA-level tables.
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 Memphis47.1 mi
- K1 Speed Memphis4.75.1 mi
- Urban Air Trampoline and Adventure Park4.28.9 mi
- Jumping World4.15.2 mi
- Urban Air Trampoline and Adventure Park4.218.2 mi
- Memphis Zoo4.66.9 mi
- FedExForum4.79.7 mi
- Crosstown Concourse4.77.5 mi
- Renasant Convention Center4.59.2 mi
- B.B. King's Blues Club4.69.8 mi
- Memphis Zoo4.66.9 mi
- National Civil Rights Museum4.910.2 mi
- Malco Paradiso4.57.7 mi
- Shelby Farms Park4.87.7 mi
- Memphis Botanic Garden4.77.9 mi
- Graceland4.513.8 mi
- National Civil Rights Museum4.910.2 mi
- Crosstown Concourse4.77.5 mi
- Sun Studio4.89.1 mi
- Lorraine Motel4.910.2 mi
- Shelby Farms Park4.87.7 mi
- Memphis Botanic Garden4.77.9 mi
- Tom Lee Park4.610.4 mi
- Overton Park4.66.9 mi
- Meeman-Shelby Forest State Park4.610.5 mi
- Mirimichi Golf Course4.46.4 mi
- The Links at Audubon4.27.8 mi
- Links At Galloway Golf Course4.36.6 mi
- The Links at Fox Meadows4.211.4 mi
- Lakeland Golf Club3.79.6 mi
- Wolfchase Galleria4.27.4 mi
- Nordstrom Rack4.17.4 mi
- Burlington3.88.2 mi
- Winchester Farmers Market4.312.7 mi
- T.J. Maxx4.311.1 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Major commercial corridor providing extensive retail and dining options for the ZIP.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.