ZIP Code Market Report
38965 — Water Valley, MS
Data through February 2026 · Updated monthly
Avg Home Value
$183,027
▼ 2.8% year-over-year
Month-over-Month
+0.3%
▲ 0.3%
Single Family
$179,663
Condo / Co-op
--
The average home value in the 38965 ZIP code (Water Valley, MISSISSIPPI) is $183,027 as of February 2026. Home prices are declining, down 2.8% compared to last year.
A 3-bedroom home in 38965 is valued at $181,947.
The market in 38965 has a $185,763 spread between bottom-tier homes at $120,157 and top-tier homes at $305,920. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
This report is part of the Yalobusha County market area in MISSISSIPPI. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Yalobusha County report.
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Market Snapshot
38965 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $182,825 | $182,525 | $183,027 | ▲ 0.1% |
| Single Family Value | $176,533 | $178,108 | $179,663 | ▲ 1.8% |
Home Values
38965 Home Value Trend
Historical home values for ZIP code 38965. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 38965
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 2 Bedrooms | $140,557 |
| 3 Bedrooms | $181,947 |
| 4 Bedrooms | $233,315 |
Property Types
Home Values by Property Type in 38965
How different property types compare in this ZIP code.
All Homes
$183,027
Single Family
$179,663
Bottom Tier
$120,157
Top Tier
$305,920
Data Sources and Methodology
Home value data for ZIP code 38965 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
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