The real estate market moves slowly, and it may take 6 months for the obvious to become apparent. With sales volume generally lower in the Jackson area YTD versus 2007 YTD, it is tougher to get a true reading on the market.
There is no ticker tape to check the up to the second real estate prices. Checking the hot sheet daily is key. Look for trends, pay attention to list - sale ratios and days on market! Call some of the FSBO signs and ads in the paper. See how the competition is pricing their product.
Slower moving real estate market requires patience. Its getting tough for the property flipping we have seen in 2005 - 2007. Keep a long term perspective, and you should be successful in this market.