Home values in Frayser on the rise

WATCH: Frayser home values on the rise

MEMPHIS, Tenn. — Home values in Frayser are going up.

According to the Frayser Community Development Corporation, the area's median home selling price has nearly doubled in the past two years.

The prices of homes in Frayser are rising higher than in any other part of Shelby County.

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Shavonte White moved into the area just over a week ago. She's renting now until she gets ready to buy.

“When I saw the house online, I fell in love, so I wanted to see the neighborhood,” White said.

It's a far cry from a neighborhood once ravaged by foreclosure about a decade ago.

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“This was the neighborhood that had more foreclosures than any other state in Tennessee,” said Steve Lockwood of the Frayser Community Development Corporation.

Lockwood said the area's rebound is steady. He told FOX13 the average selling price here was once $17,000.

Now, not so much.

“They’ve been going up at 25 percent a year for the past two and a half years straight,” Lockwood said.

Lockwood said federal lending regulations and house flipping in recent years helped values increase.

“Federal regulations really do mandate that if you take loans in a neighborhood like Frayser, you really have to make loans,” Lockwood said.

Now, loans are being given, and the Frayser CDC are seeing about 10 new homeowners a month.

And though values are increasing, Lockwood doesn't expect prices to skyrocket.