38111
Memphis, Tennessee

ZIP code 38111 in Memphis shows moderate appreciation with a median sale price of $190,750, up 15.6% year-over-year as of February 2026. Homes are moving at a measured pace, averaging 56 days on market, while only 10% of properties sell above asking price. This limited bidding activity indicates sellers maintain some pricing power from the double-digit appreciation, but buyer urgency remains constrained compared to competitive markets where above-list sales exceed 30%.

The current conditions favor patient buyers with financing secured who can capitalize on the 56-day average marketing period to negotiate. Sellers who purchased before the 15.6% run-up can extract equity gains, particularly if priced within 5% of comparable sales. The 10% above-list figure suggests buy-and-hold investors face minimal bidding competition, though the PropIQ score of 65 signals underlying market friction that warrants deeper submarket analysis before committing capital.

The PropIQ intelligence score of 65 suggests caution as momentum indicators likely show divergence between price growth and fundamental demand drivers. The 15.6% appreciation rate appears unsustainable given tepid buyer competition metrics, pointing toward price deceleration in subsequent quarters. Monitor days-on-market expansion beyond 65 days and increases in price reductions as early warnings that the current seller-favorable pricing environment is normalizing toward buyer equilibrium.