The story of this market
The typical home in ZIP 38109 sells for about $89,980, or $102 per square foot.
Prices are down 14.3% from a year ago, which gives buyers more room to negotiate. Homes take about 47 days to sell. HUD's fair market rent for a two-bedroom is $1,040 a month.
ZIP 38109 — Memphis
The 38109 housing market is currently a buyer's market characterized by softening home prices and rising inventory. While sales prices have declined by over 14% year-over-year, rental demand remains resilient with rising monthly costs. The area faces significant economic headwinds, including high poverty rates and a slower sales pace compared to the previous year.
This area is primarily suited for budget-conscious buyers and investors looking for entry-level housing, as the market currently favors buyers with softening prices and increased inventory.
Median prices moved down 14.3% year over year.
Homes spend a median of 47 days on market with 4.5 months of supply — a fast-moving market.
0% of listings have cut prices · homes sell at 97% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 15.5% · poverty 32.1% — elevated distress and economic pressure.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 38109, Shelby County, TN
ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.
Property taxes in this ZIP are assessed at an effective rate of approximately 1.1%, which is higher than the Tennessee state average.
The mean travel time to work for residents is approximately 23.7 minutes, which is slightly lower than the broader Memphis metropolitan area average.
The rental market shows steady growth with a median rent of $1,200, reflecting an 8.82% year-over-year increase despite a cooling sales market.
The local economy is tied to the broader Memphis industrial and logistics sector, though the ZIP itself faces significant economic challenges with a poverty rate of 32.1%.
Data retrieved from Census Reporter and US Census Bureau ZCTA profiles.
- K1 Speed Memphis4.719.2 mi
- Jumping World4.118.8 mi
- Urban Air Trampoline and Adventure Park49.6 mi
- Chuck E. Cheese4.19 mi
- Memphis Escape Rooms4.815.7 mi
- Memphis Zoo4.611.7 mi
- FedExForum4.79.2 mi
- Gold Strike Casino Resort4.216.6 mi
- Crosstown Concourse4.711.2 mi
- Renasant Convention Center4.510 mi
- Graceland4.56.6 mi
- Memphis Zoo4.611.7 mi
- National Civil Rights Museum4.98.7 mi
- Sun Studio4.89.6 mi
- Graceland Mansion4.76.7 mi
- Graceland4.56.6 mi
- National Civil Rights Museum4.98.7 mi
- Crosstown Concourse4.711.2 mi
- Sun Studio4.89.6 mi
- Lorraine Motel4.98.7 mi
- Tom Lee Park4.68.6 mi
- Overton Park4.611.8 mi
- Snowden Grove Park4.612.7 mi
- Big River Crossing4.77.8 mi
- T.O. Fuller State Park4.32.7 mi
- The Links at Pine Hill4.47.4 mi
- Overton Park 94.411.6 mi
- Southaven Golf Center4.19.8 mi
- Tanger Outlets Southaven4.510.5 mi
- Southland Mall3.76.7 mi
- Burlington4.19.5 mi
- Kohl's4.210.6 mi
- The Fresh Market4.411.2 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.