The story of this market
The typical home in ZIP 38045 sells for about $169,900, or $115 per square foot.
Prices are down 20.9% from a year ago, which gives buyers more room to negotiate. Homes take about 70 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,435 a month.
ZIP 38045 — Laconia
The housing market in ZIP 38045 is currently experiencing a correction, evidenced by a significant year-over-year decline in median prices and an increase in inventory. Buyers are gaining leverage as homes remain on the market longer and price cuts become more frequent. This shift is largely driven by broader economic headwinds and a cooling demand environment in the Memphis metro area.
This area is well-suited for budget-conscious family buyers and investors seeking entry-level housing, as well as renters looking for proximity to the Memphis employment core.
Median prices moved down 20.9% year over year.
Homes spend a median of 70 days on market with 5.4 months of supply — a balanced-paced market.
23% of listings have cut prices · homes sell at 97.2% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 6.2% · poverty 18.5% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.7%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.6%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 38045, Shelby County TN
Crime rates in the Memphis area remain significantly higher than national averages, with property and violent crime being primary concerns for residents.
Public schools in this area are primarily served by the Memphis-Shelby County Schools district, which faces ongoing challenges regarding academic performance and resource allocation.
The area is subject to moderate risk from severe thunderstorms and wind events, with flood risk varying significantly by proximity to local drainage basins and the Mississippi River floodplain.
Economic momentum is driven by logistics, healthcare, and the presence of major corporate headquarters in the broader Memphis metro area, though local development in this specific ZIP is modest.
Property taxes are assessed by Shelby County based on a state-mandated appraisal cycle, with rates determined by the combined levies of the county, city, and school district.
Residents typically rely on personal vehicles for commuting, with major highway corridors providing access to downtown Memphis and suburban employment hubs.
The area features local community parks and proximity to regional greenbelts, with shopping and dining options concentrated along major arterial roads.
The rental market is characterized by high demand for affordable housing, with a significant presence of individual investors and a steady trajectory in asking rents.
The economy is anchored by the logistics and transportation sector, supported by the presence of major distribution hubs and healthcare systems in the Memphis metro area.
Transportation is primarily highway-based, with limited public transit options connecting this area to the central business district.
Development is focused on infill residential projects and commercial revitalization along major thoroughfares.
The Shelby County Assessor of Property manages the assessment of all real property, utilizing a multi-year reappraisal cycle.
Parcels are subject to Shelby County and Memphis municipal tax levies, along with specific school district funding requirements.
Property insurance premiums are influenced by regional weather risks, including wind and storm exposure, leading to a competitive but hardening market.
Data retrieved from data.census.gov using ZCTA 38045 profile.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Provides basic recreational space and playgrounds for residents.
Features various retail and dining establishments serving the local population.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.