38106 Housing Market Report February 2025•Shelby County, Tennessee

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Housing Prices in 38106, TN

How much do homes in 38106, TN cost?

Housing Market Conditions

Is 38106, TN a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

38106 is a Buyer's Market

Difference Since January 2025

Last month, 38106 has remained a Buyer's Market.

Insight

38106 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$50,500–
-$4,400
-8.0%

Based on all homes sold in February 2025

Insight

Homes in 38106 have sold for 8% less than they did a month ago.

Summary: The median home sold price in 38106 was $50,500 in February 2025, down 8% from last month, and the median price per square foot was $0.

Median Sold Price By Zip Codes

Median Sold Price By Zip Codes
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange MoM
38104
+44.6%
38106
-8.0%
38114
-15.7%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsJan 2025Feb 2025Change MoM
1-$8.5K
N/A
2$25K$51K
+104.0%
3$54.9K$62.7K
+14.3%
4-$65.1K
N/A
5$127.5K-
N/A

Summary: 38106 housing price by bedroom type for February 2025, compared to the previous month. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes increased by +104.0%. The home price for 3 bedroom homes increased by +14.3%. The home price for 4 bedroom homes did not change. The home price for 5 bedroom homes did not change.

Housing supply in 38106, TN

How many homes are available in 38106, TN?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
101Last MonthFeb 2025
942 months agoJan 2025
+7.4 %
Change MoMJan – Feb

Summary: The 38106 real estate market had 101 homes for sale in Feb 2025, a 7.4 % increase compared to Jan 2025.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
13Last MonthFeb 2025
72 months agoJan 2025
+85.7 %
Change MoMJan – Feb

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsJan 2025Feb 2025Change MoM
35459
+9.3%
544
0.0%
111
0.0%
22222
0.0%
41315
+15.4%

Summary: 38106 housing inventory by bedroom type for February 2025, compared to the previous month. The inventory for 3 bedroom homes increased by +9.3%. The inventory for 5 bedroom homes remained the same. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes remained the same. The inventory for 4 bedroom homes increased by +15.4%.

Asking Price vs. Sold Price

How much do homes in 38106, TN cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price2 Homes

At Asking Price2 Homes

Under Asking Price9 Homes

Insight

If you're buying a home in 38106, you may be able to get a good deal. 69.2% of homes here sold below asking price last month.

Summary: A total of 13 homes were sold or pending in 38106 in February 2025, up by 85.7% month-over-month. Of the 13 sold homes, 69% were sold under asking, 15% were sold at asking, and and 15% were sold over asking.

Days on Market for 38106, TN

We’re sorry, we don't have information for this market at the moment.

Home sale times aren’t available for this area.

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Newest Listings in 38106, TN

What homes are available in 38106, TN?

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MLS Disclaimers and Copyright

Based on information from Memphis MLS, and Houston REALTORS® Information Service for the period 01/01/2025 - 03/01/2025

Copyright© 2025 Memphis Area Association of REALTORS. The information provided is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties that the consumer may be interested in purchasing. Information deemed reliable, but is not guaranteed accurate. Some or all of the listings displayed may not belong to the firm whose web site is being visited.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 3/8/2025, 8:20:50 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Broker ReciprocityDisclaimer: The MLS data is provided exclusively to Participants or Subscribers for display on their website solely for consumers’ personal, non-commercial use, that the MLS data may not be used for any purpose other than to display prospective properties consumers may be interested in purchasing or leasing. Information contained on the computer print-outs of the Multiple Listing Service (MLS) of the HOUSTON REALTORS® INFORMATION SERVICE (HRIS) is furnished by MLS Participants for dissemination to other MLS Participants, for their exclusive use, and should not be relied upon by Buyer/Tenant or any other person. There is no express or implied warranty by HRIS or MLS as to the accuracy of such information, which should be independently verified by Buyer/Tenant or such other person. MLS does not verify the information and disclaims any responsibility for its accuracy. Any estimate of value was prepared using automated processes and should not be considered a comparative market analysis (CMA) or appraisal. You may contact us to provide additional information and analysis for a more accurate estimate of the property's value. Digital images modified or enhanced to alter real property characteristics contain a visible and legible watermark across the bottom of the image “Image does not represent actual property as is”.

Copyright© 2025 Houston Realtors Information Service, Inc. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.


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Last updated on: 3/8/2025, 8:20:48 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.