38028
Memphis, Tennessee
Memphis 38028 needs watching.
The 38028 ZIP code in Memphis, Tennessee has a median sale price of $574K, down -1.0% year-over-year. Homes spend an average of 97 days on market, with 18% of homes selling above list price.
Folio's PropIQ™ score of 60 signals Caution conditions. Elevated price drops and longer days on market indicate softening in 38028.
The 38028 ZIP code shows a median sale price of $573,950 with a modest year-over-year decline of 1.0%, suggesting price stabilization after recent corrections. Homes are spending 97 days on market, indicating a slower absorption rate than peak conditions. Only 18% of properties are selling above list price, a clear signal that seller pricing power has diminished and bidding wars have largely evaporated from this segment.
This environment favors patient buyers with strong financing who can capitalize on the 82% of homes selling at or below asking price. The extended 97-day marketing period gives purchasers leverage for inspection negotiations and price reductions on stale listings. Sellers with equity cushions and flexible timelines can still exit successfully near $574,000, but those requiring quick sales face meaningful concessions given current absorption rates.
The PropIQ score of 60 signals caution, reflecting underlying market fragility that warrants close monitoring of inventory accumulation and financing conditions. The 1.0% price decline may accelerate if days on market continue extending beyond the current 97-day average. Watch for shifts in the 18% above-list metric as a leading indicator—further deterioration below 15% would confirm additional downward price pressure through 2026.
What is the median home price in 38028 Memphis?
The median sale price in 38028 is $574K, down -1.0% year-over-year as of 2026-02-28.
How long do homes stay on the market in Memphis 38028?
Homes in 38028 Memphis spend an average of 97 days on market before going under contract.
Is Memphis 38028 a good place to invest in real estate?
Folio's PropIQ™ score for 38028 is 60/100 — a Caution signal. 18% of homes sold above asking.
What does a PropIQ™ score of 60 mean for 38028?
PropIQ™ is Folio's proprietary market score combining price momentum, days-on-market velocity, inventory absorption, and investment signals into a 0–100 number. Score of 60 = Caution in 38028 Memphis, Tennessee.