Hope this helps :)
Your life style, proximity to work, schools, churches, etc. may be a deciding factor for you and the style and size of home and land as well. If you would like more specific information, feel free to contact me and we can discuss what it might be that fits your lifestyle and needs.
Let say you are wanting a 5 year or less 4 BR 2.5 bath with a 3 car garage for $300k.........it does not exist in G'town. That order would start at $450k and there are only 2 right now. Get my drift.
However, it is not to say, that Collierville, Lakeland, Arlington, or E. Memphis might have what you are looking for. Also, what your wish list might be.
Furthermore, enlist a savvy agent, because areas can be very deceptive. You may think you are in Germantown because of a street name, such as Germantown Road or Germantown Parkway. Very little of either streets are actually in Germantown -go figure.