The Rutherford County housing market continued to slow in August, following a similar path to July. Higher mortgage rates, growing inventory, and softer buyer activity are creating a market that increasingly favors buyers. Read on for our in-depth look at the most current local market data. 



Sales & Pending Contracts Decline

Closed sales in August were 10% lower than August of last year, while pending contracts fell 13.6% year-over-year. This marks the second consecutive month of softer activity following a strong June, and lowest number of total summer contracts we've seen since pre-pandemic. That's a decline that's likely to continue, with contracts having trended downward from August to September for the past six years running. 

The median price per square foot fell to $214, compared to $217 in August of last year, and a sharp dive from the previous three months where we were holding at $221.

Inventory Pushes Market Toward Buyers

Rutherford County now has a little over a four-month supply of homes, with a new record 1,629 homes on the market, and firmly shifting conditions toward a buyer's market.

Mortgage rates continue to be a major factor behind the market slowdown. As rates have moved closer to 7%, many potential buyers have either been priced out of the market or chosen to delay their purchase.

However, the increasing inventory is giving today's buyers more choices and greater negotiating power than they have had in recent years. And many homebuilders are offering additional buyer incentives, such as rate buy-downs and builder-paid closing costs.

For buyers who can comfortably afford today's payment, those incentives—combined with increased inventory—can make this an advantageous time to shop for a home.

What Sellers Need to Know

A buyer's market doesn't mean homes aren't selling. But it does mean sellers need to adjust their expectations and strategy.

Pricing a home based on what might have been achievable a couple of years ago can make it difficult to compete with today's inventory. Homes that are positioned appropriately for the current market can still sell successfully.

For sellers, the focus should be on pricing within the market from the beginning, presenting the property well, and understanding the competition buyers are considering alongside it.

What Does This Mean Moving Forward?

Interest rates remain one of the biggest variables affecting both the local housing market, and the overall market across the nation. If rates remain near 7%, buyer activity may continue to face pressure. If rates ease, however, improved affordability could bring additional buyers back into the market.

For now, increased inventory, greater seller flexibility, and builder incentives are creating one of the more buyer-friendly environments Rutherford County has experienced in recent years.

Whether you're buying or selling, understanding how these conditions affect your specific price range and neighborhood is increasingly important.

If you’re thinking about buying, selling, or simply planning ahead for later in the year or beyond, we’d love to help guide you through it. Now is the perfect time to take a look at your current equity and see where you stand. If you’d like a personalized Home Equity Analysis or help navigating options, our team is here to assist. Call us at 615-867-3020. It would be our pleasure to serve you.