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
December 2021 RuCo Real Estate Market Update
Dated: December 7 2021
Views: 55
In November, Closed Sales in Rutherford County were down -1.73% from November 2020. Pendings were up +0.96%, while Inventory was down -24.65% from the same period last year and down -13.64% from the prior month. Read on for our in-depth look at the latest local market data.
This November Listings Contracted were up +0.96% from last November, but down -14.27% from October 2021. Listings Closed were down -1.72% from last November and -4.32% from October. Median List Price was up +25.84% from the year prior, but only up +2.19% from last month. Median Sale Price, which was up +2.78% last month, dropped -3.85% month-to-month. However we're still up +20.83% from the same period last year.
Inventory, which dipped by -11.11% month-to-month in October, was down another -13.64% in November and down -24.65% from last November. We're seeing no signs of Inventory improving anytime soon in Rutherford County as we approach the perennial Christmas respite.
Mortgage Interest Rates have continued to climb, now sitting at an average 3.11% (30-Yr Fixed Rate Mortgage), a slight spike from last month's 3.09% average and up 0.40% from this period last year. That said the housing market remains favorable for buyers, with rates still lower than their post-pandemic peak of 3.18% in April 2021 and well below pre-pandemic levels.
Lots of slight movements in Supply this month, the biggest of which were the dip back under a month's supply in the $600-700K price range, and the luxury $700K+ price range again hitting 3.0 Months Supply, matching the record low.
If you are a buyer looking to find your new home in this increasingly difficult market, or a seller looking to take advantage of John Jones Real Estate's LOCAL market expertise to sell your home faster & for more money, please give us a call at 615-867-3020. It would be our pleasure to serve you.
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....
Latest Blog Posts
After a strong June, the Rutherford County housing market slowed noticeably in July as higher mortgage rates, record inventory, and seasonal factors put additional pressure on buyer activity. Read
The Rutherford County housing market delivered some of its strongest numbers in nearly two years during June, signaling continued improvement as buyer confidence grows. While the market isn't,
The Rutherford County housing market continued to show signs of a balanced-to-buyer-friendly environment in May, with steady sales activity, increased buyer demand, and growing inventory. But the
The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange Program of RealTracs Solutions as distributed by MLS Grid. Real estate listings held by brokerage firms other than John Jones Real Estate LLC are marked with the Internet Data Exchange Program logo or thumbnail logo and detailed information about them includes the name of the listing brokers.
