38139
Memphis, Tennessee

The 38139 ZIP code shows a median sale price of $568,000 as of February 2026, representing a 1.3% decline year-over-year in a market where homes average 42 days to sale. Only 13% of properties are closing above asking price, a significant departure from competitive market norms where ratios above 30% indicate strong demand. This price point positions the area in Memphis's upper tier, yet the negative trajectory and modest above-list performance signal softening buyer urgency despite the sub-45-day inventory turnover.

These conditions favor measured buyers with financing contingencies who can negotiate without bidding wars, as 87% of transactions close at or below list price. Cash investors seeking premium Memphis properties may find limited distress opportunities given the elevated price point and moderate days-on-market figure. Sellers face a recalibrated market where strategic pricing within 2-3% of comparable sales becomes essential, as the 1.3% annual decline suggests overpricing risk in a segment where buyer pools narrow considerably above $500,000.

The PropIQ score of 65 signals caution rather than crisis, suggesting price stabilization rather than accelerated decline, though continued monitoring of absorption rates is warranted. Watch whether days-on-market extends beyond 50 days in coming months, which would confirm further demand erosion at this price tier. The modest year-over-year decrease may represent normalization after pandemic-era appreciation rather than fundamental market deterioration, making Q2 2026 listing velocity the critical indicator for directional confirmation.