38124
Memphis, Tennessee
Memphis 38124 needs watching.
The 38124 ZIP code in Memphis, Tennessee has a median sale price of $515K, down N/A year-over-year. Homes spend an average of 25 days on market, with 0% of homes selling above list price.
Folio's PropIQ™ score of 47 signals Caution conditions. Elevated price drops and longer days on market indicate softening in 38124.
Memphis ZIP 38124 shows a stagnant luxury market with a median sale price of $515,000 holding flat year-over-year as of February 2026. Properties are moving quickly at 25 days on market, yet price momentum has stalled completely with zero homes selling above asking price. This disconnect between pace and pricing power indicates sellers are pricing strategically to secure transactions rather than testing higher valuations, suggesting underlying demand weakness despite apparent inventory absorption.
This environment favors decisive buyers with strong financing who can negotiate from a position of strength, given that no properties command premiums over list price. Sellers willing to price at or slightly below recent comps can expect relatively quick exits within the 25-day window, making this suitable for those prioritizing speed over maximum return. Investors seeking appreciation should exercise caution, as the flat price trajectory offers no growth premium to offset carrying costs or justify speculative positioning in this price tier.
The PropIQ score of 47 signals material downside risk ahead, indicating current conditions may deteriorate further rather than stabilize. Buyers should monitor whether days on market begin extending beyond the current 25-day average, which would confirm weakening demand and justify additional pricing concessions. The combination of zero above-list sales and a caution-level intelligence score suggests this market needs 6-12 months to establish a true price floor before any sustainable recovery trajectory emerges.
What is the median home price in 38124 Memphis?
The median sale price in 38124 is $515K, down N/A year-over-year as of 2026-02-28.
How long do homes stay on the market in Memphis 38124?
Homes in 38124 Memphis spend an average of 25 days on market before going under contract.
Is Memphis 38124 a good place to invest in real estate?
Folio's PropIQ™ score for 38124 is 47/100 — a Caution signal. 0% of homes sold above asking.
What does a PropIQ™ score of 47 mean for 38124?
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 47 = Caution in 38124 Memphis, Tennessee.