38134
Memphis, Tennessee
Memphis 38134 is stable.
The 38134 ZIP code in Memphis, Tennessee has a median sale price of $229K, down -6.0% year-over-year. Homes spend an average of 34 days on market, with 12% of homes selling above list price.
Folio's PropIQ™ score of 65 signals Caution conditions. This market is holding steady. Monitor inventory shifts before committing.
Memphis ZIP code 38134 shows contractionary momentum with a median sale price of $229,000, down 6.0% year-over-year as of February 2026. Homes are moving at a moderate pace, averaging 33.5 days on market, while only 12% of properties sell above list price—indicating limited bidding competition. The market has shifted decisively from the seller-favorable conditions of recent years, with pricing power now transferred to the demand side of the equation.
This environment favors patient buyers with financing already secured who can negotiate below-ask pricing on the 88% of homes not commanding premiums. Primary residence purchasers gain the most advantage, as the 33.5-day average suggests adequate inventory to compare options without urgency. Sellers face headwinds and should price at or slightly below recent comparables to avoid extended market time, while fix-and-flip investors may find compressed margins given the negative price trajectory.
The PropIQ score of 65 signals caution rather than distress, suggesting stabilization potential exists but hasn't materialized yet. The 6.0% decline warrants monitoring whether this represents a correction following over-appreciation or the beginning of sustained depreciation. Key indicators to track include whether days-on-market extends beyond 40 days and if the percentage selling above list drops below 10%, both of which would confirm further buyer leverage ahead.
What is the median home price in 38134 Memphis?
The median sale price in 38134 is $229K, down -6.0% year-over-year as of 2026-02-28.
How long do homes stay on the market in Memphis 38134?
Homes in 38134 Memphis spend an average of 34 days on market before going under contract.
Is Memphis 38134 a good place to invest in real estate?
Folio's PropIQ™ score for 38134 is 65/100 — a Caution signal. 12% of homes sold above asking.
What does a PropIQ™ score of 65 mean for 38134?
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 65 = Caution in 38134 Memphis, Tennessee.