38115
Memphis, Tennessee

The 38115 ZIP code shows a median sale price of $144,600 with a substantial year-over-year appreciation of 15.7%, indicating aggressive price growth in this Memphis submarket. Properties move quickly at an average of 33 days on market, while 12% of homes sell above asking price. These metrics suggest demand is outpacing supply, though the modest above-list percentage indicates buyer resistance is forming at current price levels.

This market favors sellers who purchased before the recent appreciation cycle, capturing the 15.7% equity gain while inventory moves in just over a month. Value-focused investors seeking sub-$150,000 entry points with demonstrated appreciation may find opportunity, though the 88% of homes selling at or below list price requires disciplined offer strategy. First-time buyers face compression as the rapid price growth of 15.7% outpaces typical wage increases in the Memphis metro.

The PropIQ score of 75 signals neutral conditions with monitoring warranted, suggesting the 15.7% annual appreciation rate may not sustain through 2026. The 33-day absorption rate could extend if affordability constraints intensify at the current median price point. Watch for increased inventory levels and declining above-list transactions as leading indicators that price growth is moderating toward single-digit territory.