Although this would seem to be a contradiction, it appears that real estate in Memphis has rallied despite most economic indicators suggesting that a crash would be more appropriate. Overall, the housing market has rallied, with home prices remaining almost flat while home sales have become substantially stronger. According to a September 10, 2009 article in the Tennessean, “Home sales continued to show signs of improvement in August, but home prices haven’t shown much resilience. The median sale price of a single-family home in the Nashville area was $160,000 for the month, a 10 percent drop compared with the same period a year ago, the Greater Nashville Association of Realtors said Wednesday.”

Memphis homes for sale no longer seem to be relying entirely on foreclosures to drive them, since it appears that the rates of foreclosures are starting to decline. According to a September 8, 2009 article in the Memphis Business Journal, “The number of foreclosure listings in the Memphis area market dropped 12 percent in the last month, according to ForeclosureListings.com. Memphis has 899 foreclosure listings, according to the company. As a state Colorado had the greatest drop in foreclosure listings at 13 percent, the online company said…Peer city Nashville had considerably fewer foreclosures at 170, while peer Indianapolis had about the same at 812.”