38076
Memphis, Tennessee

The 38076 ZIP code is experiencing severe price contraction, with the median sale price landing at $220,000 following a dramatic 60.7% year-over-year decline. Despite this price deterioration, market velocity remains strong with homes moving in just 24 days on average. However, zero percent of properties are closing above list price, indicating buyers maintain complete negotiating leverage and sellers are accepting discounted offers to secure transactions in a rapidly deflating environment.

This market structure favors aggressive cash buyers and value-oriented investors who can execute quickly on distressed pricing. The 24-day average DOM combined with wholesale price cuts creates conditions for buyers to acquire properties at steep discounts without bidding competition. Sellers face the worst conditions, forced to accept the 60.7% depreciation or risk extended market time, while speculative investors should avoid entry given the continued downward price trajectory and absence of any premium pricing activity.

The PropIQ score of 65 signals heightened caution, reflecting fundamental weakness that could persist through upcoming quarters. With zero above-list sales and a median price still absorbing a historic correction, monitor whether the rapid DOM indicates capitulation selling or genuine demand at new price levels. The next three months will reveal whether $220,000 represents a price floor or merely a pause in further declines.