The typical Germantown home was worth $480,889 in September 2026, down 1.1% in a year and below the June 2024 peak, Zillow data show. Neighbors compared.
Last checked Oct. 17, 2026. Refreshed each month when Zillow publishes new figures; this edition uses Zillow data through September 2026 and FHFA data through the second quarter of 2026.
The typical Germantown home was worth $480,889 in September 2026, according to the Zillow Home Value Index for the City of Germantown. That is down 1.1% from $486,030 a year earlier and about 2.4% below the city’s peak of $492,760 in June 2024. Values slipped every month from November 2025 to July 2026 and have been flat since.
Who to call
- Your property’s appraised value: Shelby County Assessor of Property, 901-222-7001
- Recorded deeds and sale prices: Shelby County Register of Deeds
- Appeal your value: Shelby County Board of Equalization, 901-222-7300, by June 30 (see our property taxes guide)
Ten years of Germantown home values
The index rose about 62% from September 2016 to September 2026. Most of the gain came in two years: from $371,618 in September 2020 to $475,093 in September 2022. Since then the market has been flat to slightly lower.
| September | Typical value |
|---|---|
| 2016 | $297,647 |
| 2018 | $333,831 |
| 2020 | $371,618 |
| 2022 | $475,093 |
| 2024 | $487,346 |
| 2025 | $486,030 |
| 2026 | $480,889 |
Germantown and its neighbors
Zillow’s index for September 2026, with the change from September 2025:
| City | Typical value | 1-year change |
|---|---|---|
| Collierville | $502,630 | -1.4% |
| Germantown | $480,889 | -1.1% |
| Lakeland | $446,748 | -1.0% |
| Arlington | $406,895 | -1.5% |
| Olive Branch, Miss. | $333,616 | +1.0% |
| Bartlett | $318,202 | -1.0% |
| Southaven, Miss. | $273,449 | +1.3% |
| Memphis | $151,794 | -2.8% |
Every Shelby County city in the table lost a little value over the year; the two DeSoto County, Mississippi, suburbs gained a little.
The wider Memphis market
The Federal Housing Finance Agency’s House Price Index for the Memphis metro area, which tracks repeat sales and refinancings of the same houses, was 1.8% higher in the second quarter of 2026 than a year earlier and 33% higher than in the second quarter of 2021. The FHFA figure covers the whole metro, Tennessee, Mississippi and Arkansas, so it moves differently from the Germantown index.
What the numbers mean
- Zillow’s index is a typical value, not a sale price. It estimates what a mid-priced home in the city is worth, homes between the 33rd and 67th percentiles, smoothed and seasonally adjusted. A single sale can be far above or below it.
- Census figures run lower and later. The Census Bureau’s 2019-2023 American Community Survey put the median value of an owner-occupied Germantown home at $441,200, averaged over five years.
- Actual sale prices are public in Tennessee once deeds are recorded. Our weekly real estate transfers page lists recent Germantown sales.
What this means for you
- Buyers: prices have been flat to slightly lower for two years, after a steep 2020 to 2022 rise.
- Sellers: the typical value is still about 29% above September 2020.
- Owners: your tax bill depends on the county’s appraisal, not on Zillow’s estimate.
Related: property taxes, moving to Germantown and Germantown population and growth.
Typical values by ZIP code and school zone for each part of the city: Germantown neighborhoods.
Frequently asked questions
What is the average home price in Germantown, TN?
Zillow’s Home Value Index put the typical Germantown home at $480,889 in September 2026. That is a typical value for mid-priced homes, not an average sale price.
Are home prices going down in Germantown?
Slightly. The typical value was 1.1% lower in September 2026 than a year earlier and about 2.4% below its June 2024 peak of $492,760, by Zillow’s index.
Is Germantown more expensive than Collierville?
No. In September 2026 Zillow put the typical Collierville home at $502,630, about $21,700 more than Germantown’s $480,889.
How much have home prices risen in the Memphis area?
The Federal Housing Finance Agency’s index for the Memphis metro rose 1.8% in the year to the second quarter of 2026 and 33% over five years.
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