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.