The story of this market
The typical home in ZIP 38131 sells for about $139,900, or $155 per square foot.
Prices are down 12.9% from a year ago, which gives buyers more room to negotiate. Homes take about 64 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $1,300 a month.
ZIP 38131 — Memphis
The housing market in 38131 is currently experiencing a period of price correction, consistent with broader trends in the Memphis area. High inventory levels and longer days on market indicate a shift toward a buyer's market, driven by increased supply and cooling demand. Buyers currently hold more leverage, as evidenced by the prevalence of price cuts across active listings.
This ZIP is well-suited for budget-conscious family buyers and commuters who prioritize proximity to the airport and major highway access over luxury amenities.
Median prices moved down 12.9% year over year.
Homes spend a median of 64 days on market with 4.2 months of supply — a balanced-paced market.
25% of listings have cut prices · homes sell at 97.6% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 0.0% · poverty 0.0% — a stable, low-distress profile.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 38131, Shelby County TN
The area is primarily residential with proximity to Memphis International Airport, serving as a logistics and transit-oriented hub.
Property taxes are assessed by Shelby County; rates are determined by the combined city and county tax levies applied to the appraised value.
Located near major transit corridors including I-240 and I-55, providing direct access to the Memphis employment core.
The area features local community parks and proximity to regional shopping centers and dining districts in the Parkway Village-Oakhaven vicinity.
The rental market is characterized by steady demand for workforce housing, with a significant portion of the inventory consisting of single-family rentals.
The local economy is heavily influenced by the logistics and transportation sectors, anchored by the nearby Memphis International Airport and associated distribution facilities.
The area is served by a network of major highways including I-240, facilitating regional connectivity for commuters.
Parcels are subject to Shelby County and Memphis City tax jurisdictions, with standard utility and school district assessments.
Data derived from ZCTA-level census profiles and local market reports.
- Dave & Buster's Memphis414.7 mi
- K1 Speed Memphis4.711.1 mi
- Urban Air Trampoline and Adventure Park4.212.6 mi
- Jumping World4.110.6 mi
- Urban Air Trampoline and Adventure Park4.215.9 mi
- Memphis Zoo4.65.9 mi
- FedExForum4.76 mi
- Crosstown Concourse4.76.2 mi
- Renasant Convention Center4.56.9 mi
- B.B. King's Blues Club4.66.2 mi
- Graceland4.52.2 mi
- Memphis Zoo4.65.9 mi
- National Civil Rights Museum4.96 mi
- Malco Paradiso4.56.6 mi
- Memphis Botanic Garden4.75.4 mi
- Graceland4.52.2 mi
- National Civil Rights Museum4.96 mi
- Crosstown Concourse4.76.2 mi
- Sun Studio4.85.7 mi
- Lorraine Motel4.96 mi
- Memphis Botanic Garden4.75.4 mi
- Shelby Farms Park4.810.5 mi
- Tom Lee Park4.66.3 mi
- Overton Park4.65.6 mi
- Snowden Grove Park4.68.4 mi
- Topgolf Memphis3.510.3 mi
- TPC Southwind4.812.1 mi
- Cherokee Valley Golf Club4.510.8 mi
- Windyke Country Club4.812.3 mi
- The Links at Audubon4.25.4 mi
- Tanger Outlets Southaven4.58.8 mi
- Nordstrom Rack4.16.1 mi
- Winchester Farmers Market4.38.6 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area from Google Maps, ranked by popularity within the radius shown.
Local community green space serving the neighborhood.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.