38016
Memphis, Tennessee

The 38016 ZIP code in Memphis reports a median sale price of $290,000 as of February 2026, reflecting modest annual appreciation of 1.3% that barely outpaces inflation. Homes are moving at a measured pace, averaging 52 days on market, while 19% of properties sold above asking price—indicating selective competition for well-priced inventory rather than broad bidding wars. This performance pattern suggests a market in transition from the post-pandemic surge toward price discovery equilibrium.

These conditions favor patient buyers with financing already secured, as the 52-day average DOM provides negotiation windows without extreme urgency. Sellers of updated properties in the top quartile can still capture premium pricing, evidenced by the nearly one-in-five above-ask ratio, though average sellers face longer marketing periods. Income-focused investors should note the $290,000 price point remains accessible for single-family rental conversion, particularly if rental yields in this Memphis submarket exceed the 1.3% appreciation rate.

The PropIQ score of 70 signals neutral momentum with no strong directional bias, suggesting sideways price movement through mid-2026 absent external catalysts. Monitor the percentage of homes selling above list price monthly—any decline below 15% would confirm weakening buyer urgency and shift leverage further toward purchasers. The 52-day DOM metric bears watching as seasonal spring inventory arrives; expansion beyond 60 days would indicate oversupply conditions developing.