The story of this market
The typical home in ZIP 38118 sells for about $170,000, or $115 per square foot.
Prices are down 20.9% from a year ago, which gives buyers more room to negotiate. Homes take about 45 days to sell. HUD's fair market rent for a two-bedroom is $1,181 a month.
ZIP 38118 — Memphis
The 38118 housing market is currently experiencing a correction, evidenced by a significant year-over-year decline in median list prices and an increase in inventory. High unemployment rates and a high share of price-cut listings suggest that sellers are facing increased pressure to adjust to buyer expectations. The market remains heavily influenced by its role as an affordable, logistics-adjacent residential hub.
This ZIP is primarily suited for budget-conscious family buyers and investors seeking entry-level housing, as well as commuters who prioritize proximity to the airport and major highway corridors.
Median prices moved down 20.9% year over year.
Homes spend a median of 45 days on market with 4.2 months of supply — a fast-moving market.
23% of listings have cut prices · homes sell at 97.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 9.4% · poverty 30.2% — elevated distress and economic pressure.
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 11.3%/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 9.0%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net outflow — more people moved out than in
ZCTA 38118, 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.
Crime rates in the 38118 area remain a significant concern, with reported incidents consistently higher than both the Memphis city average and national benchmarks.
Public schools serving the area generally receive low performance ratings, reflecting ongoing challenges within the local district's academic outcomes.
The area is subject to standard regional risks, including potential for severe thunderstorms and wind events, with flood risk varying by specific neighborhood proximity to local drainage basins.
Economic momentum is driven by proximity to the Memphis International Airport and associated logistics and distribution hubs, though residential development remains largely infill-focused.
Property taxes are assessed by the Shelby County Assessor based on fair market value, with rates determined by the combined city and county tax levies; no specific special district exemptions are widely applicable to residential parcels.
Residents benefit from direct access to I-240 and Winchester Road, providing a relatively straightforward drive to the Memphis employment core and the airport logistics district.
The area features local community parks and proximity to the Hickory Hill area amenities, though residents often travel outside the immediate ZIP for major shopping and entertainment destinations.
The rental market is characterized by high demand for affordable housing, with a significant presence of individual investors and a steady trajectory of rent growth driven by limited supply of quality units.
The economy is heavily anchored by the logistics, distribution, and transportation sectors, largely due to the proximity of the Memphis International Airport and FedEx global hub.
The area is served by major arterial roads including Winchester Road and I-240, with limited public transit options primarily consisting of MATA bus routes.
Development is currently focused on small-scale residential renovations and commercial infill projects along major transit corridors.
The Shelby County Assessor's Office conducts periodic reappraisals to align assessed values with current market conditions.
Parcels are subject to standard Shelby County and Memphis municipal tax districts, with no major MUDs or PIDs identified.
Property insurance premiums in the region have seen upward pressure due to increased frequency of severe weather events and regional claims history.
Data retrieved from US Census Bureau ZCTA-level tables.
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.
- Dave & Buster's Memphis414.3 mi
- K1 Speed Memphis4.711.2 mi
- Urban Air Trampoline and Adventure Park4.211.4 mi
- Urban Air Trampoline and Adventure Park4.212.2 mi
- Jumping World4.110.7 mi
- Memphis Zoo4.69.1 mi
- FedExForum4.710.1 mi
- Crosstown Concourse4.79.7 mi
- Renasant Convention Center4.510.8 mi
- B.B. King's Blues Club4.610.2 mi
- Graceland4.55.3 mi
- Memphis Zoo4.69.1 mi
- National Civil Rights Museum4.910.1 mi
- Malco Paradiso4.56.5 mi
- Memphis Botanic Garden4.75.8 mi
- Graceland4.55.3 mi
- National Civil Rights Museum4.910.1 mi
- Crosstown Concourse4.79.7 mi
- Sun Studio4.89.7 mi
- Lorraine Motel4.910.1 mi
- Memphis Botanic Garden4.75.8 mi
- Shelby Farms Park4.89.6 mi
- Tom Lee Park4.610.4 mi
- Overton Park4.68.7 mi
- Snowden Grove Park4.65.2 mi
- Topgolf Memphis3.57.2 mi
- TPC Southwind4.89 mi
- Windyke Country Club4.89 mi
- Cherokee Valley Golf Club4.56.7 mi
- The Links at Audubon4.26 mi
- Tanger Outlets Southaven4.57.1 mi
- Nordstrom Rack4.16.5 mi
- Winchester Farmers Market4.35.4 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Provides local sports facilities and community programming.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.