38108 Housing Market Report February 2025•Shelby County, Tennessee

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Housing Prices in 38108, TN

How much do homes in 38108, TN cost?

Housing Market Conditions

Is 38108, 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

38108 is a Buyer's Market

Difference Since January 2025

Last month, 38108 was a Neutral Market.

Insight

38108 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.
$54,500$35/SqFt
-$25,500
-31.9%

Based on all homes sold in February 2025

Insight

Homes in 38108 have sold for 31.9% less than they did a month ago.

Summary: The median home sold price in 38108 was $54,500 in February 2025, down 31.9% from last month, and the median price per square foot was $35.

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
38107
+79.4%
38122
+18.3%
38128
+16.7%
38112
-21.3%
38108
-31.9%

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--
N/A
2$46K$50K
+8.7%
3$108.5K$59.5K
-45.2%
4$20K$30K
+50.0%
5--
N/A

Summary: 38108 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 +8.7%. The home price for 3 bedroom homes decreased by -45.2%. The home price for 4 bedroom homes increased by +50.0%. The home price for 5 bedroom homes did not change.

Housing supply in 38108, TN

How many homes are available in 38108, 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
78Last MonthFeb 2025
692 months agoJan 2025
+13.0 %
Change MoMJan – Feb

Summary: The 38108 real estate market had 78 homes for sale in Feb 2025, a 13.0 % 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
10Last MonthFeb 2025
112 months agoJan 2025
-9.1 %
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
100
0.0%
22429
+20.8%
33639
+8.3%
4910
+11.1%
500
0.0%

Summary: 38108 housing inventory by bedroom type for February 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes increased by +20.8%. The inventory for 3 bedroom homes increased by +8.3%. The inventory for 4 bedroom homes increased by +11.1%. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in 38108, 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 Price0 Home

Under Asking Price8 Homes

Insight

If you're buying a home in 38108, you may be able to get a good deal. 80% of homes here sold below asking price last month.

Summary: A total of 10 homes were sold or pending in 38108 in February 2025, down by 9.1% month-over-month. Of the 10 sold homes, 80% were sold under asking, 0% were sold at asking, and and 20% were sold over asking.

Days on Market for 38108, TN

How long does it take to sell a home in 38108, TN?

Breakdown of Home Sale Times

Under 30 Days0 Home

30 – 90 Days1 Home

Over 90 Days0 Home

Insight

Avg time on Rocket Homes in 38108 has remained consistent over time.

Summary: During February 2025, 10 homes were sold in 38108; 0% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
Last Month1 month agoChange MoM
65 DaysLast MonthFeb 2025
0 Days1 month agoJan 2025
0.0 %
Change MoMJan – Feb

Summary: Homes in 38108 had an average listing age of 65 days in Feb 2025, down by .0% compared to the previous month.

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Newest Listings in 38108, TN

What homes are available in 38108, 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: 3/6/2025, 4:20:51 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”.

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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: 3/6/2025, 4:20:53 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.