Blog, Market News
Tennessee’s Unemployment Rate Hits 10.8%
August 5, 2009 by admin · View Comments
From the Nashville Business Journal this past Thursday: “Tennessee’s unemployment rate for June rose to 10.8 percent, up 0.1 percentage point from the May rate, the state Department of Labor & Workforce Development announced Thursday.
The rate hasn’t been that high since November 1983. The rate is up from 6.4 percent from just a year ago.
Nationally, the unemployment rate averaged 9.5 percent in June, up one point from the May level of 9.4 percent.”
Certainly Tennessee’s unemployment rate is affecting Nashville real estate sales prices and rates. The effect is not specifically measurable; however, we estimate that sales rates are affected by up to 7 percent for every full percentage point in unemployment.
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Grant Hammond is the foremost downtown Nashville real estate market expert and condo guru. Having represented more than 125 individual pre-construction condo buyers in just the past 3 years, he has the expertise and connections to secure deals on Nashville real estate. Hammond has guided more than $215 million in real estate deals since 2002. Hammond holds a Tennessee broker license, an ABR and e-PRO designation and has received more than 27 real estate awards.
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