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 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 38138 Zip Code (Germantown, Tennessee) in February 2026 was $429,407.104. The month over month percentage change (MoM) was -0.33%, and the year over year percentage change (YoY) was -1.11%.

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 ($)
Zip Code: 38138 (Germantown, Tennessee) - Trend of Zillow Home Value Index (ZHVI), Smooth and Seasonally Adjusted
1 – 10 of 134
Month ZHVI ($) MoM Perc. Change (%) YoY Perc. Change (%)
Jan 2015 241953.56786933402 0.58 2.17
Feb 2015 243450.81121882016 0.62 2.16
Mar 2015 245090.21819436867 0.67 2.10
Apr 2015 246400.8976121413 0.54 2.04
May 2015 247320.20689673562 0.37 2.15
Jun 2015 247931.9410471405 0.25 2.58
Jul 2015 248476.2779283057 0.22 3.11
Aug 2015 248808.95962093576 0.13 3.59
Sep 2015 249225.77323287426 0.17 3.95
Oct 2015 249852.03053124217 0.25 4.40
Nov 2015 250992.39212213704 0.46 4.64
Dec 2015 252772.91689434802 0.71 5.08
Jan 2016 254934.7879680711 0.86 5.37
Feb 2016 256767.9609826077 0.72 5.47
Mar 2016 257860.69105508926 0.43 5.21
Apr 2016 258283.52837738107 0.16 4.82
May 2016 258670.5773043584 0.15 4.59
Jun 2016 259046.4929025841 0.14 4.48
Jul 2016 259373.35434194465 0.13 4.39
Aug 2016 259495.52145588 0.05 4.30
Sep 2016 259964.34125685156 0.18 4.31
Oct 2016 260868.58010141598 0.35 4.41
Nov 2016 262195.3261672004 0.51 4.46
Dec 2016 264013.8787220045 0.69 4.45
Jan 2017 266094.2522634186 0.79 4.38
Feb 2017 268415.37874167046 0.87 4.54
Mar 2017 270184.87687192956 0.66 4.78
Apr 2017 271784.70007837884 0.59 5.23
May 2017 272910.86483848304 0.41 5.51
Jun 2017 274277.56284419954 0.50 5.88
Jul 2017 275647.3182666224 0.50 6.27
Aug 2017 277124.983842503 0.54 6.79
Sep 2017 278404.3176943343 0.46 7.09
Oct 2017 279312.04205611075 0.33 7.07
Nov 2017 280082.5330795617 0.28 6.82
Dec 2017 280869.99707119784 0.28 6.39
Jan 2018 281916.44908840145 0.37 5.95
Feb 2018 282993.414465022 0.38 5.43
Mar 2018 284521.6334725162 0.54 5.31
Apr 2018 286074.54230281734 0.55 5.26
May 2018 287948.91222050274 0.66 5.51
Jun 2018 289372.28312005935 0.49 5.50
Jul 2018 291042.6128977125 0.58 5.59
Aug 2018 292743.89689407265 0.59 5.64
Sep 2018 294126.8471164646 0.47 5.65
Oct 2018 294893.13860053016 0.26 5.58
Nov 2018 295288.9975185229 0.13 5.43
Dec 2018 296101.21185686765 0.28 5.42
Jan 2019 296610.2831159655 0.17 5.21
Feb 2019 297311.06578138965 0.24 5.06
Mar 2019 298138.9310519138 0.28 4.79
Apr 2019 299738.34521561145 0.54 4.78
May 2019 301498.8609526097 0.59 4.71
Jun 2019 303210.05844316713 0.57 4.78
Jul 2019 304775.22532729054 0.52 4.72
Aug 2019 306237.18852279166 0.48 4.61
Sep 2019 307986.49489899183 0.57 4.71
Oct 2019 310051.7736705974 0.67 5.14
Nov 2019 312242.885175309 0.71 5.74
Dec 2019 314053.5934256267 0.58 6.06
Jan 2020 315498.0816488714 0.46 6.37
Feb 2020 317073.97641168506 0.50 6.65
Mar 2020 319193.4469608298 0.67 7.06
Apr 2020 321402.7912950225 0.69 7.23
May 2020 322859.8128042204 0.45 7.09
Jun 2020 324175.30508412217 0.41 6.91
Jul 2020 325872.6740279011 0.52 6.92
Aug 2020 328459.3285680211 0.79 7.26
Sep 2020 331834.83534083684 1.03 7.74
Oct 2020 336034.41223917395 1.27 8.38
Nov 2020 340659.41812331165 1.38 9.10
Dec 2020 344932.7662763446 1.25 9.83
Jan 2021 348938.65543003526 1.16 10.60
Feb 2021 353059.4829397704 1.18 11.35
Mar 2021 357579.8191696719 1.28 12.03
Apr 2021 362131.0430877872 1.27 12.67
May 2021 366935.23839437123 1.33 13.65
Jun 2021 371829.8300895979 1.33 14.70
Jul 2021 375914.17059502803 1.10 15.36
Aug 2021 378495.7389026864 0.69 15.23
Sep 2021 379869.1044116568 0.36 14.48
Oct 2021 381733.4379384385 0.49 13.60
Nov 2021 385189.06493035826 0.91 13.07
Dec 2021 389518.64175708895 1.12 12.93
Jan 2022 395465.1121586522 1.53 13.33
Feb 2022 401950.4200727677 1.64 13.85
Mar 2022 409640.7866267259 1.91 14.56
Apr 2022 416454.5372005514 1.66 15.00
May 2022 422257.38621916674 1.39 15.08
Jun 2022 426161.03227655194 0.92 14.61
Jul 2022 428207.21311741165 0.48 13.91
Aug 2022 428337.31200852245 0.03 13.17
Sep 2022 427044.6753828718 -0.30 12.42
Oct 2022 425990.6364939993 -0.25 11.59
Nov 2022 425553.44256692077 -0.10 10.48
Dec 2022 425566.05076812714 0.00 9.25
Jan 2023 424491.5987059171 -0.25 7.34
Feb 2023 423294.63218476163 -0.28 5.31
Mar 2023 422769.84368550597 -0.12 3.21
Apr 2023 423517.49952096975 0.18 1.70
May 2023 425214.6041279614 0.40 0.70
Jun 2023 427000.5094152982 0.42 0.20
Jul 2023 428782.79685165867 0.42 0.13
Aug 2023 430383.1035192576 0.37 0.48
Sep 2023 431798.38824964454 0.33 1.11
Oct 2023 432488.46729622205 0.16 1.53
Nov 2023 432556.0892968492 0.02 1.65
Dec 2023 432171.9626780401 -0.09 1.55
Jan 2024 432083.905539605 -0.02 1.79
Feb 2024 432901.56076354027 0.19 2.27
Mar 2024 435001.15868682816 0.49 2.89
Apr 2024 437984.1735586292 0.69 3.42
May 2024 439847.569252884 0.43 3.44
Jun 2024 440141.87572229834 0.07 3.08
Jul 2024 438656.2566618368 -0.34 2.30
Aug 2024 436219.0747864046 -0.56 1.36
Sep 2024 433907.1170726908 -0.53 0.49
Oct 2024 432724.65559303924 -0.27 0.06
Nov 2024 432879.0846887487 0.04 0.08
Dec 2024 433442.22159668757 0.13 0.29
Jan 2025 434067.403277231 0.14 0.46
Feb 2025 434246.9438397156 0.04 0.31
Mar 2025 434022.61761516036 -0.05 -0.22
Apr 2025 433551.1045998529 -0.11 -1.01
May 2025 433263.7793252338 -0.07 -1.50
Jun 2025 432958.87993992836 -0.07 -1.63
Jul 2025 432443.9251684051 -0.12 -1.42
Aug 2025 431922.3759595736 -0.12 -0.98
Sep 2025 431980.6350477944 0.01 -0.44
Oct 2025 432251.02459639177 0.06 -0.11
Nov 2025 432259.1566533093 0.00 -0.14
Dec 2025 431932.5559672786 -0.08 -0.35
Jan 2026 430834.8320387164 -0.25 -0.74
Feb 2026 429407.104355544 -0.33 -1.11