Memphis Real Estate

Economic recovery heated up in Memphis, with unemployment dropping a full point to 9.4%. This in turn slowed foreclosures, which dropped 22% throughout the year. The recovery of Memphis definitely appears to be a steady one, also seeing a 31% drop in foreclosure filings.

Dr. John Gnuschke, director of the Sparks Bureau of Business and Economic Research at the University of Memphis, tells us: “This means fewer homes going to inventory and a better balance between supply and demand, which will contribute to the steady home price improvement over the next two years.”

Memphis Real Estate

Commenting on the Memphis economy in general, he adds: “We have added jobs lately and hope to add a lot more in the near future.”

The median home price in Memphis is currently $280,000 and a 7.5% forecast gain is expected.