I am a real estate/transactional attorney in Memphis, TN. My partner does residential closings. We are both agents for a national title insurance company. We have seen a major increase in home sales this year, but not so much in refinances (which is interesting given the rates). Talking to agents in Memphis, it is very much a seller’s market. The inventory is way down. Properties in the better school districts move quickly (Memphis has a high number of private schools as the largest public school district is quite bad, but the smaller neighboring districts are amongst the best in the state). There is a massive backlog of eviction cases, though. Courts were closed early in the pandemic and have not fully reopened. There is a large backlog of existing cases and once the moratorium on some evictions is lifted, there will be a rush for more to be filed. Frankly, we are currently more interested in that. Small-time residential real estate investors are hurting. There’s a reckoning coming in that industry and it likely will not be pretty.