38028 — Shelby County, Tennessee Market Snapshot
Housing market data for zip code 38028 in Shelby County, Tennessee. Updated monthly with median prices, days on market, and more.
Market Sales Data
31 sales in 2026 (year to date)
Median Sale Price
$625,000
Days to Sell
54
Homes Sold
31
Inventory
41
Sale-to-List
97.7%
New Listings
42
Price/SqFt
$181
Pending Sales
40
Conforming Loan Available
Most homebuyers in 38028 can comfortably use conventional financing. The median home price of $625,000 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Market Insights
Market Temperature
38028's market is balanced with homes taking an average of 54 days to sell. Buyers have some negotiating room without the pressure of bidding wars.
Sale-to-List Ratio
The average home in 38028 sells for 2.3% below asking price (97.7% sale-to-list), suggesting buyers have negotiating leverage in the current market.
Conforming Loan Feasibility
Most homebuyers in 38028 can comfortably use conventional financing. The median home price of $625,000 is well below the 2026 conforming loan limit of $832,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Loan limits in 38028 are set at the county level.
2026 Loan Limits — Shelby County
| Property Units | Conforming Limit | FHA Limit |
|---|---|---|
| 1 Unit | $832,750 | $541,287 |
| 2 Units | $1,066,250 | $693,050 |
| 3 Units | $1,288,800 | $837,700 |
| 4 Units | $1,601,750 | $1,041,125 |
Affordability Snapshot — Zip 38028
To purchase the median home at $625,000 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $4,939.
Monthly Payment
$4,939
Income Required
$211,652
Principal & Interest
$3,851/mo
Down Payment (5%)
$31,250
Based on 30-year fixed at 6.75%, 1.8% property tax, $1,800/yr insurance, 28% DTI guideline.
Mortgage Calculator
Estimate your monthly payment for a home in 38028.
Estimated Monthly Payment
$4,018
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