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.”
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.