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
Strong Buyer Demand Amidst Shrinking Inventory
Dated: June 5 2023
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The May housing numbers are in for Rutherford County, and it looks like we're seeing a similar trend as last month. Closed sales were down by 20 percent compared to the previous year in May, similar to what we saw the month prior. However, the good news is that pending sales only dropped by five percent compared to last May. Here's what's interesting: despite the lower number of sales, inventory isn't really improving. Read on for a more in-depth look at the most current local market data. 
- Sales: In May, closed sales were down 20 percent compared to the previous year, similar to April's figures.
- Pending Sales: The number of pending sales showed a smaller decline, down only five percent from May of the previous year.
- Inventory: Despite lower sales, the inventory continues to shrink, down by 10 percent compared to the previous month.
- Median Price per Square Foot: A notable observation is the increase in median price per square foot, which rose from $211 to $213. Last year, in June 2022, the peak price reached $225, while it dropped to $205 in December.
- Absorption Rates: Absorption rates have decreased from 2.5 months to 2.3 months, indicating that it is still a seller's market.
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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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.
