Home price trends in Memphis, Tenn.

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City-by-city price comps
Memphis, Tenn.

Foreclosures have risen, due to the subprime mortgage fiasco and overall economic crisis, and are bringing down the median price. There’s also been a 59-percent drop in single-family home permits and a 68-percent plunge in multifamily permits from December 2007 to December 2008. But some forecasters believe a price bottom could be reached this year.

Median price end of 2008: $100,200
Median price end of 2007: $124,300
Percent change: -19.4%
Projected change through Q3 2009: -2.8%
Affordability rating: 0.0
Foreclosures in 2008:
(1 for every 31 households)
Foreclosures in 2007:
(1 for every 47 households)
Change in foreclosures: 52.7%
Expected to hit bottom: Q3 2009
Percent drop needed to reach bottom: -14.9%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $110,800
Q2 2008 local median price: $131,600
Q3 2008 local median price: $126,500
Q4 2008 local median price: $100,200

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