According to a recent Jackson Sun article, Madison County home sales fell to 1,160 in 2008, down 19 percent in 2007 and 28 percent from 2005. This information comes from the Central West Tennessee Association of Realtors Multiple Listing Service.

Total home sales in just Jacksin fell 14 percent from 2007 levels and 23 percent from 2005. 

Although this information sounds bad for sellers, it is good for buyers because there is a lot of inventory to choose from.  Currently In Madison County there were approximately 730 properties for sale and 542 of them in Jackson. The number of listings equals a seven month supply. 

Tighter lending laws have also helped decrease overall home sales. Borrowers need better credit scores than in the past to qualify for home loans. Nearly all no-down payment loan programs have been eliminated. 

Many realtors believe the market will recover although it may take longer than some think.

Some brokers believe that the housing market has hit the bottom or is close to the bottom. The hardest properties to sell are those valued at $250,000 and higher. Those properties ranging from $100,000 to $175,000 continue to move fairly well. 

Whether you are a seller or a buyer, the key is to make sound, careful and well thought out choices concerning your home. For more information or if you have questions, you can call us or your local agent who can guide you though the process of the real estate market.