38116
Memphis, Tennessee
Memphis 38116 needs watching.
The 38116 ZIP code in Memphis, Tennessee has a median sale price of $128K, down -8.6% year-over-year. Homes spend an average of 46 days on market, with 17% of homes selling above list price.
Folio's PropIQ™ score of 60 signals Caution conditions. Elevated price drops and longer days on market indicate softening in 38116.
Memphis ZIP code 38116 is experiencing notable price compression, with the median sale price settling at $128,000 after an 8.6% year-over-year decline. Properties are moving relatively quickly at 46 days on market, yet only 17% of homes are commanding above-list offers, signaling weak buyer urgency despite reasonable inventory turnover. The combination of falling prices and modest premium sales indicates a market recalibrating after previous valuation levels proved unsustainable.
This pricing environment favors cash buyers and value-focused investors who can absorb the downward trajectory while benefiting from the sub-50-day absorption rate. Sellers face headwinds, as the 83% of properties closing at or below list price demonstrates limited pricing power. First-time buyers with financing approval may find entry points, but the 8.6% depreciation suggests waiting could yield better value, particularly for those without immediate occupancy needs.
The PropIQ score of 60 reflects meaningful caution signals that warrant close monitoring of absorption rates and pricing trends through Q2 2026. With less than one-fifth of sales exceeding list price, further softening remains possible unless days-on-market extends significantly or inventory contracts. Buyers should track whether the current 46-day cycle lengthens, which would confirm weakening demand, while any move toward 30 days would suggest the correction is stabilizing.
What is the median home price in 38116 Memphis?
The median sale price in 38116 is $128K, down -8.6% year-over-year as of 2026-02-28.
How long do homes stay on the market in Memphis 38116?
Homes in 38116 Memphis spend an average of 46 days on market before going under contract.
Is Memphis 38116 a good place to invest in real estate?
Folio's PropIQ™ score for 38116 is 60/100 — a Caution signal. 17% of homes sold above asking.
What does a PropIQ™ score of 60 mean for 38116?
PropIQ™ is Folio's proprietary market score combining price momentum, days-on-market velocity, inventory absorption, and investment signals into a 0–100 number. Score of 60 = Caution in 38116 Memphis, Tennessee.