Zip Code: 38138 (Germantown, Tennessee) - Trend of Zillow Home Value Index (ZHVI) for All Homes (SFR, Condo/Co-op), Smooth and Seasonally Adjusted (Zillow)
Updated on February 21, 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 38138 Zip Code (Germantown, Tennessee) in January 2026 was $423,606.592. The month over month percentage change (MoM) was -0.25%, and the year over year percentage change (YoY) was -0.74%.

The chart below shows the trend of the smoothed and seasonally adjusted ZHVI for the 38138 zip code (Germantown, Tennessee). The table below shows the trend of the smoothed and seasonally adjusted ZHVI, and the MoM and YoY percentage changes for the 38138 zip code (Germantown, 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: 38138 (Germantown, Tennessee) - Trend of Zillow Home Value Index (ZHVI), Smooth and Seasonally Adjusted ($)
Zip Code: 38138 (Germantown, Tennessee) - Trend of Zillow Home Value Index (ZHVI), Smooth and Seasonally Adjusted
Items per page:
1 – 10 of 133
Month ZHVI ($) MoM Perc. Change (%) YoY Perc. Change (%)
Jan 2015 237894.24330144958 0.58 2.17
Feb 2015 239366.3669688157 0.62 2.16
Mar 2015 240978.2691422189 0.67 2.10
Apr 2015 242266.95891458952 0.54 2.04
May 2015 243170.8446830221 0.37 2.15
Jun 2015 243772.3155937169 0.25 2.58
Jul 2015 244307.51997853423 0.22 3.11
Aug 2015 244634.6201747637 0.13 3.59
Sep 2015 245044.4407849041 0.17 3.95
Oct 2015 245660.1911845333 0.25 4.40
Nov 2015 246781.42060117275 0.46 4.64
Dec 2015 248532.07299739358 0.71 5.08
Jan 2016 250657.67373859198 0.86 5.37
Feb 2016 252460.09108244092 0.72 5.47
Mar 2016 253534.48810834516 0.43 5.21
Apr 2016 253950.23136731845 0.16 4.82
May 2016 254330.7866631743 0.15 4.59
Jun 2016 254700.39541733582 0.14 4.48
Jul 2016 255021.7730083581 0.13 4.39
Aug 2016 255141.89048950092 0.05 4.30
Sep 2016 255602.8447658896 0.18 4.31
Oct 2016 256491.91293539727 0.35 4.41
Nov 2016 257796.3998010071 0.51 4.46
Dec 2016 259584.44197677975 0.69 4.45
Jan 2017 261629.91249319864 0.79 4.38
Feb 2017 263912.0967652194 0.87 4.54
Mar 2017 265651.9075166304 0.66 4.78
Apr 2017 267224.89002920856 0.59 5.23
May 2017 268332.160799369 0.41 5.51
Jun 2017 269675.9293197287 0.50 5.88
Jul 2017 271022.7039616357 0.50 6.27
Aug 2017 272475.5783173326 0.54 6.79
Sep 2017 273733.4484173334 0.46 7.09
Oct 2017 274625.9436265288 0.33 7.07
Nov 2017 275383.5079005692 0.28 6.82
Dec 2017 276157.760382428 0.28 6.39
Jan 2018 277186.65577329224 0.37 5.95
Feb 2018 278245.5525921702 0.38 5.43
Mar 2018 279748.1322300247 0.54 5.31
Apr 2018 281274.9874624309 0.55 5.26
May 2018 283117.9105371408 0.66 5.51
Jun 2018 284517.40113390767 0.49 5.50
Jul 2018 286159.7073086745 0.58 5.59
Aug 2018 287832.4483743221 0.59 5.64
Sep 2018 289192.1964432457 0.47 5.65
Oct 2018 289945.6316347804 0.26 5.58
Nov 2018 290334.8491138995 0.13 5.43
Dec 2018 291133.43669878464 0.28 5.42
Jan 2019 291633.9671230146 0.17 5.21
Feb 2019 292322.9925561916 0.24 5.06
Mar 2019 293136.96849306737 0.28 4.79
Apr 2019 294709.5488255217 0.54 4.78
May 2019 296440.52788386587 0.59 4.71
Jun 2019 298123.01612216845 0.57 4.78
Jul 2019 299661.92375150375 0.52 4.72
Aug 2019 301099.359170171 0.48 4.61
Sep 2019 302819.3169303859 0.57 4.71
Oct 2019 304849.9459262889 0.67 5.14
Nov 2019 307004.29652335873 0.71 5.74
Dec 2019 308784.6260007965 0.58 6.06
Jan 2020 310204.87962984096 0.46 6.37
Feb 2020 311754.3351531616 0.50 6.65
Mar 2020 313838.24673557235 0.67 7.06
Apr 2020 316010.5242647013 0.69 7.23
May 2020 317443.10090515716 0.45 7.09
Jun 2020 318736.5227928854 0.41 6.91
Jul 2020 320405.41448991426 0.52 6.92
Aug 2020 322948.671983172 0.79 7.26
Sep 2020 326267.5469084286 1.03 7.74
Oct 2020 330396.6662977971 1.27 8.38
Nov 2020 334944.07712856395 1.38 9.10
Dec 2020 339145.73009107955 1.25 9.83
Jan 2021 343084.4112907772 1.16 10.60
Feb 2021 347136.10249267606 1.18 11.35
Mar 2021 351580.59974208754 1.28 12.03
Apr 2021 356055.46646808763 1.27 12.67
May 2021 360779.0604088448 1.33 13.65
Jun 2021 365591.5341320441 1.33 14.70
Jul 2021 369607.35048259905 1.10 15.36
Aug 2021 372145.6070765794 0.69 15.23
Sep 2021 373495.931237574 0.36 14.48
Oct 2021 375328.98630479566 0.49 13.60
Nov 2021 378726.6372492065 0.91 13.07
Dec 2021 382983.57552079594 1.12 12.93
Jan 2022 388830.2802788688 1.53 13.33
Feb 2022 395206.78231763426 1.64 13.85
Mar 2022 402768.1253809971 1.91 14.56
Apr 2022 409467.5597025461 1.66 15.00
May 2022 415173.052654903 1.39 15.08
Jun 2022 419011.206120116 0.92 14.61
Jul 2022 421023.0575967478 0.48 13.91
Aug 2022 421150.97378136 0.03 13.17
Sep 2022 419880.02409200073 -0.30 12.42
Oct 2022 418843.66911659465 -0.25 11.59
Nov 2022 418413.8101177206 -0.10 10.48
Dec 2022 418426.20678751054 0.00 9.25
Jan 2023 417369.7811164447 -0.25 7.34
Feb 2023 416192.8964467332 -0.28 5.31
Mar 2023 415676.9124750022 -0.12 3.21
Apr 2023 416412.0246735692 0.18 1.70
May 2023 418080.65646866505 0.40 0.70
Jun 2023 419836.5991095626 0.42 0.20
Jul 2023 421588.98459720967 0.42 0.13
Aug 2023 423162.44245977077 0.37 0.48
Sep 2023 424553.98255135276 0.33 1.11
Oct 2023 425232.4839433736 0.16 1.53
Nov 2023 425298.9714302554 0.02 1.65
Dec 2023 424921.28941416345 -0.09 1.55
Jan 2024 424834.70963565557 -0.02 1.79
Feb 2024 425638.64682282944 0.19 2.27
Mar 2024 427703.0191881406 0.49 2.89
Apr 2024 430635.9871618442 0.69 3.42
May 2024 432468.1201308249 0.43 3.44
Jun 2024 432757.488935991 0.07 3.08
Jul 2024 431296.79453361063 -0.34 2.30
Aug 2024 428900.501959173 -0.56 1.36
Sep 2024 426627.33262469183 -0.53 0.49
Oct 2024 425464.7096412328 -0.27 0.06
Nov 2024 425616.54783560656 0.04 0.08
Dec 2024 426170.23683374346 0.13 0.29
Jan 2025 426784.92966149765 0.14 0.46
Feb 2025 426961.458020349 0.04 0.31
Mar 2025 426740.895381355 -0.05 -0.22
Apr 2025 426277.2930754617 -0.11 -1.01
May 2025 425994.7883395787 -0.07 -1.50
Jun 2025 425695.0043389166 -0.07 -1.63
Jul 2025 425188.68911164074 -0.12 -1.42
Aug 2025 424675.8900838271 -0.12 -0.98
Sep 2025 424733.1717425757 0.01 -0.44
Oct 2025 424999.02488798153 0.06 -0.11
Nov 2025 425007.02051104227 0.00 -0.14
Dec 2025 424685.8992986162 -0.08 -0.35
Jan 2026 423606.5921999905 -0.25 -0.74