38112
Memphis, Tennessee

The 38112 market registers a median sale price of $160,000 with minimal annual appreciation of 0.9%, indicating price stability rather than growth momentum. Properties average 75 days on market, exceeding the typical hot market threshold of 30-45 days and suggesting balanced to soft demand. Only 14% of homes sell above list price, confirming limited competitive bidding pressure and leaving sellers with constrained pricing power in current conditions.

This environment favors cash buyers and investors seeking negotiation leverage, as the 75-day marketing period and low above-list percentage create room for price discovery below ask. Owner-occupant buyers gain extended decision timelines without facing immediate competition, while the $160,000 entry point accommodates first-time purchasers with moderate down payments. Sellers face headwinds and should prioritize accurate pricing, as the 14% above-list metric indicates the market quickly rejects overpriced inventory.

The PropIQ score of 65 signals caution, reflecting weak price momentum and extended absorption rates that could pressure values if inventory increases. The 0.9% annual appreciation trails inflation, suggesting real purchasing power erosion for current owners and potential flattening ahead. Monitor months of supply and employment data closely; any demand softening from these baseline conditions would push 38112 toward buyer-dominant territory with corresponding price adjustment risk.