38117
Memphis, Tennessee

The 38117 ZIP code shows a median sale price of $305,000 with year-over-year appreciation of 10.9%, outpacing typical inflation and indicating continued upward pricing pressure. Homes are moving at a moderate pace, averaging 60 days on market, while only 8% of properties sell above asking price. This combination suggests a market that has cooled from peak frenzy but maintains enough demand to support double-digit annual gains, creating a relatively balanced environment compared to the seller-dominated conditions seen in previous years.

This market configuration favors sellers with properly priced homes who can capture the 10.9% annual appreciation without relying on bidding wars, given that 92% of sales close at or below list price. Buyers gain negotiating leverage absent in hotter markets, with two months to conduct due diligence rather than making rushed decisions. Buy-and-hold investors can justify acquisitions based on the consistent appreciation rate, though the 60-day absorption period requires adequate capital reserves and argues against fix-and-flip strategies dependent on rapid turnover.

The PropIQ score of 65 signals caution, suggesting underlying fundamentals may not support sustained double-digit appreciation at current trajectory. This divergence between recent price performance and the intelligence rating warrants monitoring inventory levels and days-on-market trends for early deceleration signals. If DOM extends beyond 75 days or price growth moderates below 7% in subsequent quarters, the market would confirm the PropIQ warning of overextension relative to local economic fundamentals and affordability constraints.