38127 — Memphis, TN Home Values
Typical home value $90,129 as of June 2026 · 66th of 71 in Memphis, TN-MS-AR
Blue: typical home value (Zillow ZHVI) in ZIP code 38127, June 2021 to June 2026. This page shows observed data only; no forecast.
How 38127 compares in the Memphis, TN-MS-AR area
ZIP code 38127 (Memphis, TN) has a typical home value of $90,129 as of June 2026, ranking 66th of 71 ZIP codes tracked in the Memphis, TN-MS-AR area, more expensive than about 8% of ZIP codes in the metro. Prices here have moved -7.2% over the trailing 12 months. Over the past five years, the typical value in this ZIP code has changed +4.6%, from $86,204 in June 2021 to $90,129 in June 2026. Against observed rent, the typical home here sells for 6.9× the annual rent ($1,085/mo), a common way to gauge whether buying looks cheap relative to renting in this ZIP code.
Every figure above is observed Zillow data. Sialim's forecasting engine works at the metro level; see the Memphis, TN-MS-AR forecast for a modeled outlook, or browse the full ranked list of ZIP codes in Memphis.
Population and demographics
ZIP code 38127 has a population of 39,553, per the Census Bureau's American Community Survey 5-year estimate. By race and ethnicity: 84.8% Black or African American, 9.2% White, 3.1% Hispanic or Latino, 2.2% two or more races, 0.4% Asian, and 0.2% another race.
Nearby public schools
| School | Address | Distance |
|---|---|---|
| Compass Community School Frayser Campus | 3690 Thomas ST, Memphis, TN | 1.2 mi |
| Georgian Hills Elementary | 3930 Leweir ST, Memphis, TN | 1.8 mi |
| Northaven Elementary | 5157 N Circle Rd, Memphis, TN | 1.8 mi |
Distance is straight-line from the ZIP code's center; driving distance will be longer. School attendance is set by district boundaries, not proximity. Confirm which school a specific address is zoned for with the local school district. Source: National Center for Education Statistics.
Frequently asked questions
What is the typical home value in ZIP code 38127?
$90,129 as of June 2026, the latest month Zillow has published observed data for.
Is 38127 an expensive ZIP code in the Memphis, TN-MS-AR area?
38127 ranks 66th of 71 ZIP codes in the Memphis, TN-MS-AR area by typical home value, more expensive than about 8% of ZIP codes in the metro.
How much have home values in 38127 changed over the past year?
-7.2% over the trailing 12 months, from observed Zillow data.
Is it cheaper to buy or rent in ZIP code 38127?
The typical home price is 6.9× the observed annual rent in this ZIP code ($1,085/mo). Lower multiples favor buying over renting, all else equal.
What is the population of ZIP code 38127?
39,553, per the US Census Bureau's American Community Survey 5-year estimate.
What are the closest public schools to ZIP code 38127?
Compass Community School Frayser Campus (1.2 mi), Georgian Hills Elementary (1.8 mi), Northaven Elementary (1.8 mi), by straight-line distance from the ZIP code's center. School attendance is set by district boundaries, not proximity. Confirm assignment with the local school district.
Is this page showing a forecast for 38127?
No. Every number on this page is observed Zillow data as of June 2026, not a forecast. Sialim's forecasting engine runs at the metro level; see the Memphis, TN-MS-AR forecast for a modeled outlook.
ZIP-level values shown here are observed Zillow data, not forecasts. Sialim's forecasting engine works at the metro level today; ZIP-level forecasts are planned for Sialim Pro. Data © Zillow, via Zillow Research.