38128 Housing Market Report February 2025•Shelby County, Tennessee

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Housing Prices in 38128, TN

How much do homes in 38128, TN cost?

Housing Market Conditions

Is 38128, 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

38128 is a Buyer's Market

Difference Since January 2025

Last month, 38128 was a Neutral Market.

Insight

38128 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.
$178,000–
+$25,500
+16.7%

Based on all homes sold in February 2025

Insight

Homes in 38128 have sold for 16.7% more than they did a month ago.

Summary: The median home sold price in 38128 was $178,000 in February 2025, up 16.7% 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
38122
+18.3%
38128
+16.7%
38135
+9.5%
38134
0.0%
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$67.5K-
N/A
2-$138K
N/A
3$133.2K$177K
+32.8%
4$170K$171.7K
+1.0%
5$275K$235K
-14.5%

Summary: 38128 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 did not change. The home price for 3 bedroom homes increased by +32.8%. The home price for 4 bedroom homes increased by +1.0%. The home price for 5 bedroom homes decreased by -14.5%.

Housing supply in 38128, TN

How many homes are available in 38128, 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
135Last MonthFeb 2025
1232 months agoJan 2025
+9.8 %
Change MoMJan – Feb

Summary: The 38128 real estate market had 135 homes for sale in Feb 2025, a 9.8 % 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
19Last MonthFeb 2025
202 months agoJan 2025
-5.0 %
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
111
0.0%
289
+12.5%
38497
+15.5%
42220
-9.1%
588
0.0%

Summary: 38128 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 +12.5%. The inventory for 3 bedroom homes increased by +15.5%. The inventory for 4 bedroom homes decreased by -9.1%. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in 38128, 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 Price10 Homes

At Asking Price2 Homes

Under Asking Price7 Homes

Insight

If you're buying a home in 38128, you could pay more than the asking price. 52.6% of homes here sold above asking price last month.

Summary: A total of 19 homes were sold or pending in 38128 in February 2025, down by 5.0% month-over-month. Of the 19 sold homes, 37% were sold under asking, 11% were sold at asking, and and 53% were sold over asking.

Days on Market for 38128, 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 38128, TN

What homes are available in 38128, TN?

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MLS Disclaimers and Copyright

Based on information from Memphis MLS, 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, 7:20:51 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.