3-digit ZIP regional index
Home appreciation in ZIP codes 381xxMemphis, TN area
FHFA HPI® data shows the regional home price index for ZIP codes beginning with 381 changed +0.4% over the year to Q2 2026, compared with +2.6% for Tennessee and +3.0% for the United States.
The region covers ZIP codes 38103–38152. Most of its 2010 population lived in Shelby County (100%). Communities in the region include Bartlett, Germantown, Collierville. This is a regional index, not a ZIP5, street, or individual-home estimate.
- 1-year change
- +0.4%
- 5-year change
- +26.1%
- Since Q1 1995
- +186%
- National rank (1 year)
- 801st
Year to Q2 2026
vs U.S. +41.3%
vs U.S. +292%
of 882 ZIP3 regions
ZIP3 381 vs Tennessee and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- ZIP3 381: 286.5
- Tennessee: 413.2
- Memphis, TN-MS-AR metro: 283.4
- United States: 391.6
Want a different starting year? Rebase this chart or compare with another ZIP3.
Appreciation by time window
| Window | ZIP3 381 | TN | U.S. | Gap vs TN | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +0.4% | +2.6% | +3.0% | −2.2 pts | −2.6 pts |
| 3 years | +2.3% | +11.8% | +12.9% | −9.5 pts | −10.5 pts |
| 5 years | +26.1% | +50.0% | +41.3% | −23.9 pts | −15.2 pts |
| 10 years | +83.4% | +119% | +93.3% | −35.7 pts | −9.9 pts |
| Since Q1 1995 | +186% | +313% | +292% | −126.8 pts | −105.1 pts |
If you bought in ZIP3 381 in…
Applying the regional index change from the same quarter of each year to Q2 2026 to an example $300,000 purchase price. Individual homes can differ widely from the regional average.
| Bought in | Index change | $300,000 then, at the regional rate |
|---|---|---|
| Q2 1995 | +183% | $847,849 |
| Q2 2000 | +126% | $676,517 |
| Q2 2005 | +91.3% | $573,953 |
| Q2 2010 | +97.1% | $591,371 |
| Q2 2015 | +90.2% | $570,524 |
| Q2 2020 | +43.2% | $429,475 |
| Q2 2021 | +26.1% | $378,182 |
| Q2 2023 | +2.3% | $306,943 |
| Q2 2025 | +0.4% | $301,241 |
How ZIP3 381 ranks
Over the past year ZIP3 381 ranks 801st of 882 3-digit ZIP regions nationally and 14th of 15 in Tennessee. Its one-year change is −2.6 pts versus the nation and −2.2 pts versus Tennessee. Rank 1 is the strongest appreciation.
| Window | National rank | Rank in Tennessee |
|---|---|---|
| 1 year | 801st of 882 | 14th of 15 |
| 3 years | 863rd of 882 | 15th of 15 |
| 5 years | 826th of 882 | 15th of 15 |
| 10 years | 561st of 882 | 15th of 15 |
| Since Q1 1995 | 814th of 879 | 14th of 15 |
Boom, bust, and recovery in ZIP3 381
ZIP3 381's index peaked in Q2 2007, fell 15.0% to its low in Q2 2012, and regained its peak in Q4 2016, about 9.5 years after the top. Today it sits +78.0% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| ZIP3 381 | Q2 2007 | Q2 2012 | -15.0% | Q4 2016 (9.5 yrs) | +78.0% |
| TN | Q1 2008 | Q2 2011 | -8.9% | Q2 2015 (7.2 yrs) | +134% |
| Metro | Q2 2007 | Q2 2012 | -14.7% | Q2 2017 (10 yrs) | +80.1% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, ZIP3 381's index has changed +29.4% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | ZIP3 381 after inflation | TN after inflation | Metro after inflation | U.S. after inflation |
|---|---|---|---|---|---|
| 1 year | +3.9% | -3.3% | -1.2% | -2.0% | -0.8% |
| 3 years | +9.8% | -6.8% | +1.9% | -3.5% | +2.8% |
| 5 years | +24.0% | +1.6% | +20.9% | +7.3% | +13.9% |
| 10 years | +39.1% | +31.9% | +57.5% | +35.0% | +39.0% |
| Since Q1 1995 | +121% | +29.4% | +86.6% | +28.0% | +76.8% |
Estimate appreciation for a home in ZIP3 381
Regional estimate
$550,285
- Estimated gain
- $250,285
- Index change
- +83.43%
- Start index
- 156.17
- End index
- 286.46
ZIP3 381 (Memphis, TN area), Q2 2016 to Q2 2026. Index type: Native 3-Digit ZIP index.
Nearby 3-digit ZIP regions
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|---|
| 723 · West Memphis, AR area | AR | +4.0% | +45.2% | +203% |
| 380 · Memphis, TN area | TN | +4.2% | +40.9% | +180% |
| 386 · Southaven, MS area | MS | +3.5% | +50.9% | +221% |
| 724 · Jonesboro, AR area | AR | -0.9% | +31.1% | +169% |
| 383 · Jackson, TN area | TN | +3.9% | +57.9% | +217% |
| 388 · Tupelo, MS area | MS | +2.1% | +35.1% | +183% |
Recent quarterly index values
| Period | Index |
|---|---|
| Q2 2026 | 286.46 |
| Q1 2026 | 283.63 |
| Q4 2025 | 283.38 |
| Q3 2025 | 283.77 |
| Q2 2025 | 285.28 |
| Q1 2025 | 282.16 |
| Q4 2024 | 280.19 |
| Q3 2024 | 283.99 |
| Q2 2024 | 279.70 |
| Q1 2024 | 281.47 |
| Q4 2023 | 273.33 |
| Q3 2023 | 278.72 |
Frequently asked questions
- How much have home prices risen in ZIP codes starting with 381?
- Based on FHFA HPI® data for 3-digit ZIP region 381, the regional index changed +0.4% over the year to Q2 2026, +26.1% over five years, +83.4% over ten years, and +186% since Q1 1995.
- Is ZIP3 381 appreciating faster than Tennessee and the U.S.?
- Over the past year the region's index +0.4% compares with +2.6% for Tennessee and +3.0% for the U.S., a gap of −2.6 pts versus the nation. Over five years the gap versus the nation is −15.2 pts.
- Which ZIP codes are in 3-digit ZIP region 381?
- All ZIP codes that begin with 381. Census 2010 ZIP Code Tabulation Areas in this region run from 38103 to 38152 (30 areas). FHFA publishes one index for the whole 3-digit region, not for each 5-digit ZIP code.
- Can I use this to value my home?
- No. The FHFA HPI® is a broad regional index of average price movement. It is not an appraisal, tax assessment, or automated valuation of any individual property. Use it as general context alongside local sales and a professional opinion.