Where home prices are falling in the Memphis area
Home values, 1-year change, September 2026 · Zillow ZHVI (Sep 2026) · updated 2026-11-15
Home values fell over the past year in 31 of the 69 ZIP codes in the Memphis area with figures; the median change was +0.6%.
The largest fall was 8.4% in ZIP code 38112 (Memphis, TN), and the tenth-largest was 3.6% in ZIP code 38107 (Memphis, TN).
Home values rose 0.1% across the Memphis area and rose 1.2% nationally over the same 12 months.
Where home prices are falling in the Memphis area: the first 30 of 31
| Rank | ZIP code | Home values, 1-year change | Typical home value | Rents, 1-year change |
|---|---|---|---|---|
| 1 | 38112Memphis, TN | −8.4% | $120,000 | +3.9% |
| 2 | 38109Memphis, TN | −7.3% | $87,743 | +1.6% |
| 3 | 38114Memphis, TN | −6.7% | $70,757 | +3.3% |
| 4 | 38106Memphis, TN | −6.4% | $54,692 | +3.2% |
| 5 | 38127Memphis, TN | −6.2% | $86,555 | +4.1% |
| 6 | 38104Memphis, TN | −5.2% | $249,000 | +2.3% |
| 7 | 38103Memphis, TN | −4.7% | $319,000 | +0.9% |
| 8 | 38108Memphis, TN | −4.3% | $66,544 | +7.4% |
| 9 | 38122Memphis, TN | −3.7% | $121,000 | +1.9% |
| 10 | 38107Memphis, TN | −3.6% | $104,000 | +0.7% |
| 11 | 38635Holly Springs, MS | −2.7% | $170,000 | – |
| 12 | 38128Memphis, TN | −2.5% | $143,000 | +1.5% |
| 13 | 38018Cordova, TN | −2.2% | $287,000 | −0.2% |
| 14 | 38060Oakland, TN | −2.1% | $351,000 | +4.3% |
| 15 | 38016Cordova, TN | −1.9% | $290,000 | −2.2% |
| 16 | 38111Memphis, TN | −1.7% | $131,000 | +2.3% |
| 17 | 38138Germantown, TN | −1.7% | $429,000 | +6.7% |
| 18 | 38002Lakeland, TN | −1.5% | $406,000 | +0.4% |
| 19 | 38017Collierville, TN | −1.4% | $505,000 | +1.8% |
| 20 | 38119Memphis, TN | −1.3% | $288,000 | +2.1% |
| 21 | 38120Memphis, TN | −1.2% | $422,000 | +3.0% |
| 22 | 38125Memphis, TN | −1.2% | $276,000 | +3.9% |
| 23 | 38116Memphis, TN | −1.1% | $151,000 | −0.3% |
| 24 | 38139Germantown, TN | −0.9% | $585,000 | – |
| 25 | 38117Memphis, TN | −0.8% | $264,000 | +4.3% |
| 26 | 38135Bartlett, TN | −0.7% | $295,000 | −3.2% |
| 27 | 38105Memphis, TN | −0.6% | $107,000 | – |
| 28 | 38118Memphis, TN | −0.5% | $120,000 | +1.0% |
| 29 | 38133Bartlett, TN | −0.5% | $271,000 | +0.1% |
| 30 | 38141Memphis, TN | −0.4% | $188,000 | +2.8% |
- Under −2.0%
- −2.0% to 0.0%
- 0.0% to +1.0%
- +1.0% to +3.0%
- +3.0% or more
- Not ranked
More rankings for the Memphis area
- Cheapest ZIP codes
- Most expensive ZIP codes
- Where home prices are rising fastest
- Cheapest rent by ZIP code
- Highest rent by ZIP code
- Where rents are falling
- Where rents are rising fastest
- Richest ZIP codes (household income)
- Cheapest suburbs
- Most expensive suburbs
- Richest suburbs (household income)
- Largest suburbs (population)
- Memphis metro area: all figures
Where home prices are falling in other metro areas
- New York, NY
- Los Angeles, CA
- Chicago, IL
- Dallas, TX
- Houston, TX
- Atlanta, GA
- Washington, DC
- Miami, FL
- Philadelphia, PA
- Phoenix, AZ
- Boston, MA
- Riverside, CA
- San Francisco, CA
- Detroit, MI
- Seattle, WA
- Minneapolis, MN
- Tampa, FL
- San Diego, CA
- Denver, CO
- Orlando, FL
- Charlotte, NC
- Baltimore, MD
- St. Louis, MO
- San Antonio, TX
- Austin, TX
- Portland, OR
- Sacramento, CA
- Pittsburgh, PA
- Las Vegas, NV
- Cincinnati, OH
- Kansas City, MO
- Columbus, OH
- Indianapolis, IN
- Nashville, TN
- Cleveland, OH
- San Jose, CA
- Virginia Beach, VA
- Jacksonville, FL
- Raleigh, NC
- Oklahoma City, OK
- Louisville, KY
- Salt Lake City, UT
- Fresno, CA
- Birmingham, AL
Source and method
Home values, 1-year change: Zillow ZHVI (Sep 2026); figures for September 2026. ZIP codes with at least 1,000 residents and a published figure are ranked (69 of them in the Memphis area). This page lists only the 31 where the figure fell. The metro area is the Memphis, TN-MS-AR metropolitan statistical area. Place names for ZIP codes are the neighborhood or city the ZIP code mostly covers. Compiled by Home Economics.
Zillow's "typical" home value and rent are index values for the middle of the market (the Zillow Home Value Index and Observed Rent Index), not median sale prices or asking rents. One-year changes are over the 12 months to September 2026. Income and population come from the Census Bureau's American Community Survey and carry sampling error, most of all in small places.