Zip Code: 38122 (Memphis, Tennessee) - Trend of Zillow Home Value Index (ZHVI) for All Homes (SFR, Condo/Co-op), Smooth and Seasonally Adjusted (Zillow)

Updated on March 22, 2026.

According to data from Zillow.com, the smoothed and seasonally adjusted Zillow home value index (ZHVI) for All Homes (SFR, Condo/Co-op) in the 38122 Zip Code (Memphis, Tennessee) in February 2026 was $121,909.679. The month over month percentage change (MoM) was -0.01%, and the year over year percentage change (YoY) was -2.57%.

The chart below shows the trend of the smoothed and seasonally adjusted ZHVI for the 38122 zip code (Memphis, Tennessee). The table below shows the trend of the smoothed and seasonally adjusted ZHVI, and the MoM and YoY percentage changes for the 38122 zip code (Memphis, Tennessee).

You can see similar information for other Tennessee zip codes, and for Tennessee.

Note: Zillow Home Value Index (ZHVI) is a measure of the typical home value and market changes across a given region and housing type. It reflects the typical value for homes in the 35th to 65th percentile range.

Data Source: Zillow.
Zip Code: 38122 (Memphis, Tennessee) - Trend of Zillow Home Value Index (ZHVI), Smooth and Seasonally Adjusted ($)
Zip Code: 38122 (Memphis, Tennessee) - Trend of Zillow Home Value Index (ZHVI), Smooth and Seasonally Adjusted
Items per page:
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Month ZHVI ($) MoM Perc. Change (%) YoY Perc. Change (%)
Jan 2015 50040.44383258143 1.47 8.87
Feb 2015 50515.24735254154 0.95 9.05
Mar 2015 50766.016484397034 0.50 8.87
Apr 2015 50861.048731969764 0.19 7.43
May 2015 51176.64749651819 0.62 6.80
Jun 2015 51468.8726979997 0.57 6.39
Jul 2015 51855.82317848001 0.75 6.21
Aug 2015 52064.660605183424 0.40 6.09
Sep 2015 52303.30548344075 0.46 6.41
Oct 2015 52646.08165248972 0.66 7.91
Nov 2015 52887.023247308454 0.46 8.30
Dec 2015 53034.91844844618 0.28 7.54
Jan 2016 53156.23068350751 0.23 6.23
Feb 2016 53208.51014588666 0.10 5.33
Mar 2016 52997.50175511974 -0.40 4.40
Apr 2016 52585.770764186695 -0.78 3.39
May 2016 52325.42839415804 -0.49 2.25
Jun 2016 52488.081992751475 0.31 1.98
Jul 2016 52573.86791214076 0.16 1.39
Aug 2016 52812.93839782101 0.46 1.44
Sep 2016 53074.46972068318 0.50 1.47
Oct 2016 53740.89375300956 1.26 2.08
Nov 2016 54517.60233515628 1.45 3.08
Dec 2016 55307.167242234944 1.45 4.28
Jan 2017 56120.21298868375 1.47 5.58
Feb 2017 56855.88202347776 1.31 6.86
Mar 2017 57427.03105540765 1.00 8.36
Apr 2017 57839.82976120269 0.72 9.99
May 2017 58065.165547310404 0.39 10.97
Jun 2017 58468.637228511034 0.70 11.39
Jul 2017 59037.05584122451 0.97 12.29
Aug 2017 59785.438680911924 1.27 13.20
Sep 2017 60387.383999584534 1.01 13.78
Oct 2017 60996.89459228934 1.01 13.50
Nov 2017 61674.319464538654 1.11 13.13
Dec 2017 62470.983631282346 1.29 12.95
Jan 2018 62971.884378589864 0.80 12.21
Feb 2018 63146.52616132484 0.28 11.06
Mar 2018 63305.5511630479 0.25 10.24
Apr 2018 63943.544915035054 1.01 10.55
May 2018 64816.79397327319 1.37 11.63
Jun 2018 65660.04157247394 1.30 12.30
Jul 2018 66332.32120114978 1.02 12.36
Aug 2018 67102.08394961421 1.16 12.24
Sep 2018 67905.85194533691 1.20 12.45
Oct 2018 68770.66244263283 1.27 12.75
Nov 2018 69660.08446914762 1.29 12.95
Dec 2018 70673.07417239976 1.45 13.13
Jan 2019 71479.13994268452 1.14 13.51
Feb 2019 72067.97895972873 0.82 14.13
Mar 2019 72590.88193051088 0.73 14.67
Apr 2019 72870.93976351095 0.39 13.96
May 2019 73142.33907816837 0.37 12.85
Jun 2019 73365.08741747636 0.31 11.74
Jul 2019 73634.04452973261 0.37 11.01
Aug 2019 73660.54246342418 0.04 9.77
Sep 2019 73617.15266549714 -0.06 8.41
Oct 2019 73650.32462645996 0.05 7.10
Nov 2019 74098.05086084294 0.61 6.37
Dec 2019 74726.86222222647 0.85 5.74
Jan 2020 75274.99766692864 0.73 5.31
Feb 2020 76085.75312369213 1.08 5.58
Mar 2020 76872.42397212784 1.03 5.90
Apr 2020 78109.49053355423 1.61 7.19
May 2020 78763.69209447467 0.84 7.69
Jun 2020 79085.84123529341 0.41 7.80
Jul 2020 79018.26979563029 -0.08 7.31
Aug 2020 79484.85348815458 0.59 7.91
Sep 2020 80885.1476199678 1.76 9.87
Oct 2020 83213.34109017465 2.88 12.98
Nov 2020 85850.9837790967 3.17 15.86
Dec 2020 88183.1190077982 2.72 18.01
Jan 2021 90226.97845639828 2.32 19.86
Feb 2021 92277.28358207301 2.27 21.28
Mar 2021 94444.82334833483 2.35 22.86
Apr 2021 96632.6485155931 2.32 23.71
May 2021 98827.75299325374 2.27 25.47
Jun 2021 101342.21534089965 2.54 28.14
Jul 2021 103425.54507756775 2.06 30.89
Aug 2021 104872.08370256973 1.40 31.94
Sep 2021 105646.21913566127 0.74 30.61
Oct 2021 106887.73971117719 1.18 28.45
Nov 2021 108738.22818460951 1.73 26.66
Dec 2021 110802.02187738723 1.90 25.65
Jan 2022 113110.10874731366 2.08 25.36
Feb 2022 115283.23378343694 1.92 24.93
Mar 2022 117452.28822257614 1.88 24.36
Apr 2022 119712.25042444807 1.92 23.88
May 2022 121940.90801057337 1.86 23.39
Jun 2022 124382.05920463211 2.00 22.74
Jul 2022 126088.9298388788 1.37 21.91
Aug 2022 127161.3242478959 0.85 21.25
Sep 2022 127359.17633305567 0.16 20.55
Oct 2022 127301.43906750223 -0.04 19.10
Nov 2022 127220.88590927538 -0.06 17.00
Dec 2022 126765.47262008458 -0.36 14.41
Jan 2023 125548.50022009289 -0.96 11.00
Feb 2023 124220.56803665521 -1.06 7.75
Mar 2023 123969.24427061556 -0.20 5.55
Apr 2023 124489.12580208918 0.42 3.99
May 2023 125136.74556006752 0.52 2.62
Jun 2023 125457.63062413438 0.26 0.87
Jul 2023 125575.16859738815 0.09 -0.41
Aug 2023 125664.11134634873 0.07 -1.18
Sep 2023 125081.64714079544 -0.46 -1.79
Oct 2023 123672.76028803342 -1.13 -2.85
Nov 2023 122113.5613020713 -1.26 -4.01
Dec 2023 120751.24012083792 -1.12 -4.74
Jan 2024 120050.1295925784 -0.58 -4.38
Feb 2024 120109.12175971486 0.05 -3.31
Mar 2024 121486.09287127778 1.15 -2.00
Apr 2024 123577.42333820269 1.72 -0.73
May 2024 125432.49770239212 1.50 0.24
Jun 2024 126217.79280813946 0.63 0.61
Jul 2024 126413.24651871533 0.16 0.67
Aug 2024 125895.55324737937 -0.41 0.18
Sep 2024 125128.12205411652 -0.61 0.04
Oct 2024 124596.16659914597 -0.42 0.75
Nov 2024 124740.56232005598 0.12 2.15
Dec 2024 125157.76786164111 0.33 3.65
Jan 2025 125481.21507139597 0.26 4.52
Feb 2025 125126.85515645733 -0.28 4.18
Mar 2025 124818.90554088057 -0.25 2.74
Apr 2025 124731.4380589204 -0.07 0.93
May 2025 124940.48498930747 0.17 -0.39
Jun 2025 124961.36674269704 0.02 -0.99
Jul 2025 124679.301086973 -0.23 -1.37
Aug 2025 124376.65866743006 -0.24 -1.21
Sep 2025 123887.03339658263 -0.39 -0.99
Oct 2025 123120.06773220109 -0.62 -1.18
Nov 2025 122299.06567508385 -0.67 -1.96
Dec 2025 121941.52917849088 -0.29 -2.57
Jan 2026 121921.35663132078 -0.02 -2.84
Feb 2026 121909.67930636143 -0.01 -2.57