38138 — Germantown, TN Home Values
Typical home value $443,724 as of June 2026 · 5th of 71 in Memphis, TN-MS-AR
Blue: typical home value (Zillow ZHVI) in ZIP code 38138, June 2021 to June 2026. This page shows observed data only; no forecast.
How 38138 compares in the Memphis, TN-MS-AR area
ZIP code 38138 (Germantown, TN) has a typical home value of $443,724 as of June 2026, ranking 5th of 71 ZIP codes tracked in the Memphis, TN-MS-AR area, more expensive than about 94% of ZIP codes in the metro. Prices here have moved -1.8% over the trailing 12 months. Over the past five years, the typical value in this ZIP code has changed +14.4%, from $388,021 in June 2021 to $443,724 in June 2026. Against observed rent, the typical home here sells for 15.1× the annual rent ($2,452/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 38138 has a population of 25,368, per the Census Bureau's American Community Survey 5-year estimate. By race and ethnicity: 84.1% White, 6.6% Black or African American, 4.6% Asian, 2.4% Hispanic or Latino, 1.9% two or more races, and 0.4% another race.
Nearby public schools
| School | Address | Distance |
|---|---|---|
| Germantown High | 7653 Old Poplar Pike, Germantown, TN | 0.5 mi |
| Germantown Middle | 7925 CD Smith Rd, Germantown, TN | 0.8 mi |
| Germantown Elementary | 2730 Cross Country Dr, Germantown, TN | 0.8 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 38138?
$443,724 as of June 2026, the latest month Zillow has published observed data for.
Is 38138 an expensive ZIP code in the Memphis, TN-MS-AR area?
38138 ranks 5th of 71 ZIP codes in the Memphis, TN-MS-AR area by typical home value, more expensive than about 94% of ZIP codes in the metro.
How much have home values in 38138 changed over the past year?
-1.8% over the trailing 12 months, from observed Zillow data.
Is it cheaper to buy or rent in ZIP code 38138?
The typical home price is 15.1× the observed annual rent in this ZIP code ($2,452/mo). Lower multiples favor buying over renting, all else equal.
What is the population of ZIP code 38138?
25,368, per the US Census Bureau's American Community Survey 5-year estimate.
What are the closest public schools to ZIP code 38138?
Germantown High (0.5 mi), Germantown Middle (0.8 mi), Germantown Elementary (0.8 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 38138?
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.