38122 Housing Market Report May 2025•Shelby County, Tennessee

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Housing Prices in 38122, TN

How much do homes in 38122, TN cost?

Housing Market Conditions

Is 38122, 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

38122 is a Seller's Market

Difference Since April 2025

Last month, 38122 was a Buyer's Market.

Insight

38122 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

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.
$176,000$88/SqFt
+$19,000
+12.1%

Based on all homes sold in May 2025

Insight

Homes in 38122 have sold for 12.1% more than they did a month ago.

Summary: The median home sold price in 38122 was $176,000 in May 2025, up 12.1% from last month, and the median price per square foot was $88.

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
38108
+26.8%
38117
+23.3%
38122
+12.1%
38111
-18.8%
38112
-56.2%

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.
BedsApr 2025May 2025Change MoM
1--
N/A
2$115K$138K
+20.0%
3$163.4K$187.5K
+14.7%
4$275K$239.5K
-12.9%
5--
N/A

Summary: 38122 housing price by bedroom type for May 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 +20.0%. The home price for 3 bedroom homes increased by +14.7%. The home price for 4 bedroom homes decreased by -12.9%. The home price for 5 bedroom homes did not change.

How does 38122, TN compare with other places?

Market comparison tool

Data and numbers shown are subject to change and may vary based on different timeframes.

38122, TN

Housing supply in 38122, TN

How many homes are available in 38122, 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
134Last MonthMay 2025
1142 months agoApr 2025
+17.5 %
Change MoMApr – May

Summary: The 38122 real estate market had 134 homes for sale in May 2025, a 17.5 % increase compared to Apr 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
28Last MonthMay 2025
152 months agoApr 2025
+86.7 %
Change MoMApr – May

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.
BedsApr 2025May 2025Change MoM
111
0.0%
24655
+19.6%
36171
+16.4%
445
+25.0%
522
0.0%

Summary: 38122 housing inventory by bedroom type for May 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes increased by +19.6%. The inventory for 3 bedroom homes increased by +16.4%. The inventory for 4 bedroom homes increased by +25.0%. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in 38122, 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 Price6 Homes

At Asking Price9 Homes

Under Asking Price13 Homes

Insight

If you're buying a home in 38122, you may be able to get a good deal. 46.4% of homes here sold below asking price last month.

Summary: A total of 28 homes were sold or pending in 38122 in May 2025, up by 86.7% month-over-month. Of the 28 sold homes, 46% were sold under asking, 32% were sold at asking, and and 21% were sold over asking.

Days on Market for 38122, TN

How long does it take to sell a home in 38122, TN?

Breakdown of Home Sale Times

Under 30 Days1 Home

30 – 90 Days0 Home

Over 90 Days0 Home

Insight

Many homes in 38122 are selling fast, if you're buying plan to act quickly.

Summary: During May 2025, 28 homes were sold in 38122; 4% of homes were sold within 30 days, 0% 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
10 DaysLast MonthMay 2025
0 Days1 month agoApr 2025
0.0 %
Change MoMApr – May

Summary: Homes in 38122 had an average listing age of 10 days in May 2025, down by .0% compared to the previous month.

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Newest Listings in 38122, TN

What homes are available in 38122, TN?

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MLS Disclaimers and Copyright

Based on information from Memphis MLS, for the period 04/01/2025 - 06/01/2025

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: 6/26/2025, 8:45:29 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.