38104
Memphis, Tennessee

ZIP code 38104 in Memphis shows minimal price appreciation with a median sale price of $339,000, up just 0.6% year-over-year as of February 2026. Homes are moving at a measured pace, averaging 67 days on market, while only 12% of properties sell above asking price. This pricing dynamic indicates a market that has largely stalled after previous growth periods, with buyers maintaining negotiating leverage and sellers facing limited competitive pressure on most listings.

These conditions favor patient buyers who can capitalize on the 67-day average marketing period to conduct thorough due diligence and negotiate terms. The 88% of homes selling at or below list price suggests room for offer strategies below asking on many properties. Cash investors seeking rental yields rather than appreciation plays will find price stability advantageous for underwriting, while sellers with flexible timelines can still achieve fair value in the $339,000 median range without significant discounting.

The PropIQ score of 65 signals caution, suggesting underlying market weaknesses that could pressure prices if inventory increases or days-on-market extends further. The near-flat 0.6% annual appreciation indicates this ZIP has reached a pricing plateau that could tip toward depreciation with economic headwinds. Monitoring inventory levels and any extension beyond the current 67-day DOM will be critical indicators of whether this market stabilizes or softens through 2026.