The story of this market
The typical home in ZIP 38138 sells for about $499,000, or $185 per square foot.
Prices are up +2.1% from a year ago, so sellers still have some momentum. Homes take about 45 days to sell. HUD's fair market rent for a two-bedroom is $1,726 a month.
ZIP 38138 — Germantown
The 38138 housing market remains stable with high demand for single-family homes, driven by the area's reputation for excellent schools and suburban quality of life. While inventory remains tight, price growth has moderated compared to the rapid appreciation seen in previous years. Buyers are active, though the market is sensitive to interest rate fluctuations.
This ZIP is ideal for established families and professionals seeking high-quality schools, suburban safety, and proximity to Memphis employment hubs.
Median prices moved up 2.1% year over year.
Homes spend a median of 45 days on market with 3.2 months of supply — a fast-moving market.
15% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.9% · poverty 3.6% — a stable, low-distress 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 5.2%/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 4.8%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
in-migration and out-migration balanced
ZCTA 38138, 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.
Germantown generally maintains lower crime rates compared to the broader Memphis metropolitan area, with a focus on community-oriented policing and public safety initiatives.
The area is served by the highly-regarded Germantown Municipal School District, which consistently ranks among the top-performing districts in Tennessee.
The region is primarily concerned with wind and storm-related risks common to West Tennessee; flood risk is localized and managed through municipal drainage infrastructure.
Economic momentum is driven by the proximity to the Memphis medical and logistics hubs, with steady infill development and commercial revitalization in the Germantown corridor.
Property taxes are assessed by Shelby County and the City of Germantown, with rates reflecting municipal services including high-quality schools and public safety; no state income tax applies.
Residents primarily commute via I-240 and Poplar Avenue to reach major employment centers in East Memphis and Downtown Memphis.
The area features extensive greenway systems, municipal parks like Germantown Municipal Park, and proximity to upscale shopping and dining districts along Poplar Avenue.
The rental market is characterized by low vacancy rates and high demand for single-family homes, with limited multi-family inventory driving steady rent growth.
The economy is anchored by healthcare, logistics, and corporate services, benefiting from the broader Memphis regional employment base.
Transportation is heavily reliant on private vehicles, with major highway access via I-240 and arterial roads like Poplar Avenue.
Development is focused on high-end residential infill and the modernization of existing commercial centers along the Poplar corridor.
The Shelby County Assessor of Property manages assessments, with reappraisals occurring on a multi-year cycle to reflect market value.
Parcels are subject to Germantown Municipal School District taxes and various utility district assessments.
Property insurance premiums are influenced by regional wind and storm exposure, with standard coverage widely available.
Data retrieved from data.census.gov ZCTA 38138 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.
Large community park with sports facilities and walking trails.
Primary commercial artery featuring upscale retail and restaurants.
Extensive regional trail system for cycling and walking.
Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.