Home values, rents and more in ZIP code 38138 (Germantown, TN)
September 2026 figures from Zillow and the U.S. Census Bureau · updated 2026-11-07
Open 38138 in ProMap- Under $120k
- $120k–$230k
- $230k–$280k
- $280k–$390k
- $390k+
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How 38138 compares
The typical home in ZIP code 38138 (Germantown, TN) is worth about $429,000, according to the Zillow Home Value Index for September 2026. Home values in 38138 are 1.8 times the typical value in the Memphis metro area ($242,000) and 17% above the U.S. typical value ($366,000).
Over the past year, home values in 38138 fell 1.7%, compared with +0.1% in the Memphis metro area and +1.2% nationally.
Typical rent is $2,259 a month (Zillow Observed Rent Index), 1.6 times the Memphis metro area ($1,393) and 17% above the U.S. ($1,932). Rents rose 6.7% over the past year.
The median household income is $136,297, against $66,401 in the Memphis metro area and $80,734 in the U.S. (Census Bureau, American Community Survey 2020–24).
About 25,167 people live in 38138 (American Community Survey 2020–24).
38138 has the 5th-highest typical home value of the 71 ZIP codes in the Memphis metro area and the 68th-highest of 587 in Tennessee with Zillow figures.
Part of: Germantown, TN · Shelby County, TN · Memphis metro area · Tennessee
More for 38138 in ProMap Plus
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- 5- and 10-year price changes
- Days on market and months of supply
- Price cuts and sale-to-list ratio
- Price-to-income and monthly cost to buy
- Zillow 12-month price forecast
- Crime rates
- School test scores
- Homeowners insurance premiums
- Commute time to downtown
- Flood, wildfire and natural hazard risk
- Property-tax rate
- 2024 presidential vote
- Age, education and household make-up
- Amenities and transit nearby
Nearby ZIP codes
Sources
Home values: Zillow Home Value Index (ZHVI), all homes, middle tier, smoothed and seasonally adjusted, September 2026. Rents: Zillow Observed Rent Index (ZORI), seasonally adjusted. Population: Census population estimates (July 2025) for states, metros and counties; ACS 2020–24 for cities and ZIP codes. Income: U.S. Census Bureau, ACS 2020–24 5-year estimates. Boundaries: U.S. Census Bureau cartographic boundary files. Compiled by Home Economics.
"Typical" is Zillow's middle-tier value (homes between the 35th and 65th percentiles), not a median sale price. Changes are over the 12 months to September 2026.