Memphis, Tennessee, home of Graceland and the Memphis Grizzlies, is seeing a hot market with cooling temperatures.

"Memphis is a vibrant, growing city with plenty going on, known for its churches, multitude of schools, and a huge variety of restaurants. Downtowns revitalization has been dramatic. Beale street (home of the blues) is visited by people worldwide, and Graceland (home of Elvis Presley) continues to be one of the most visited homes in America. The Fedx forum is the home of the NBA's Memphis Grizzlies, and Auto Zone park is the home park the St Louis Cardinals AAA Memphis Redbirds," says Realtor Danny Freeman.

He adds, "There are currently almost 5,000 homes for sale in the Memphis market and almost 2,000 pending. As you can see the market is moving well. Last month there were 844 sales. If you're considering buying in Memphis, having a knowledgeable professional is very important. Memphis is always changing and knowing the growth patterns is very important when your considering making an investment in a home here. Our construction costs are very reasonable compared to most parts of the country."

Realtor Joe Spake says, "Downtown single family homes are, by far, the hottest properties in the area. Inventory stays compressed due to extremely high demand, and fierce competition for each home that is listed. There are a number of nice condos available and condo and new home construction is underway. Many new units do not make it to the MLS, as developers choose to sell them to the public themselves."