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
Sales Surge Despite Election Year Challenges
Dated: November 5 2024
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We saw some exciting insights from Rutherford County’s October 2024 real estate numbers. If you’re curious about the recent market trends, especially with all the election buzz, here’s what stood out!
KEY HIGHLIGHTS
Closed Sales: We saw a 14% increase in closed sales this October compared to last year.
Pending Sales: The real headline? Pending sales surged by a remarkable 39.4% over October last year.
Inventory: We experienced a minor dip in housing supply, it went from 3.21 months supply last month down to 3.05 months as of today.
Price: The median price per square foot slightly declined, moving from last month’s match of the record high $222 back down to $218.
What’s Driving the Market? A big question that comes up is, why is this October so active compared to last? Especially with the elections in full swing, which traditionally causes a temporary slowing of sales. The answer lies in mortgage rates. We saw rates drop by 1% compared to last October, averaging around 6.18% versus 7.2% last year. Even with the uncertainty of an election cycle, this dip in rates encouraged more buyers to step in.
Interest Rates: This shift underscores just how influential rates are in real estate. When rates decrease, more people feel empowered to enter the market. A lower rate often means buyers are more willing to sell their current home and upgrade or invest in a new one. So, as we anticipate rates potentially moving into the low sixes or even fives, we’re expecting even more activity.
For those holding onto those 3% mortgage rates, the “lock-in” effect is real! But as rates soften the benefits of moving will outweigh staying at that lower rate for many.
As always, if you’re thinking about buying or selling, or just want to know more about the local market, don’t hesitate to reach out to us at 615-867-3020. We’re here to help you navigate these dynamic times and find the best opportunities.
Rob Janson
Rob Janson grew up in real estate, with his family owning a successful independent brokerage in Bristol, Tennessee. Rob moved to Murfreesboro in 1997 to attend Middle Tennessee State University. After....
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