July 2020 RuCo Real Estate Market Update

Dated: July 7 2020

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While our neighbors in RuCo's surrounding counties are trailing about a month behind in their recovery from COVID-19's impact on their markets, Rutherford County experienced a record month in June 2020. Read on for a more in-depth look at the June 2020 Rutherford County real estate data. While May's data told us we were on the road to a swift market recovery in Rutherford County (Pendings +41.58, Closings -16.33%), June's stats paint a picture of a market flourishing despite the ongoing impact of COVID-19. In June we saw a +30.11% increase in Pendings, and as predicted Closings finally rebounded at +14.54%. It appears our friends in Williamson County are in a similar position to what we were this time last month with Pending Sales being +43.75% while Closings are still -15.29%. We expect they'll finally be in the positive next month in both categories. Meanwhile, Davidson County still hovers in the balance at +20.91% Pendings, but -15.29% Closings. That should mean they'll be back to average next month, but do consider we were all on track for banner years pre-virus. Regarding Supply, quite frankly there has never been a better time to be a seller in our area. Inventory is at an all-time low, down -24.22% from last June and -16.23% from May 2020. In the sub-$300K price ranges Supply is at less than 30-Days, and the Seller's market continues through pretty much every price range until it becomes Balanced at $600-700K. We even saw a huge move last month in the only remaining Buyer's Market, the $700K+ range, where Supply went from 8.61 months to 5.54. That's notable considering last June there was over a year's supply of $700K+ homes. See more on that data at www.murfreesborohomesonline.com/data We've long known that the biggest driver of real estate markets worldwide is employment. So we expect the market to keep improving as COVID-19's impact on employment continues to diminish. According to the U.S. Bureau of Labor Statistics monthly reports, Rutherford County's Unemployment Rate in May was at 12.6%, down from 16.7% in April, but still considerable when looking at the pre-virus rate of 2.4%. We experienced one of the largest impacts on employment statewide, largely due to Nissan, but remember that in June 2009 we were at 11% Unemployment in Rutherford County.  

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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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