Here are the latest real estate trends and insights for Rutherford County as we close out August. Whether you're thinking of buying or selling, or just want to stay informed, here's a breakdown of what’s been happening in the local market and what you should know moving forward. Read to the end for some exciting news, plus don't miss this month's JJRE Client Event!

August Market Recap

Closings in Rutherford County were down 11% compared to last August. However, there’s some good news! Pendings were up 16%, signaling that activity in the market is still strong. Much of this can be attributed to the fact that mortgage rates have dipped into the six percent range, which has definitely stirred up some interest.

Pricing Trends

Let’s talk pricing. The median price per square foot for homes in the county is now at $215. To put this into context:

• Last August: $212 per square foot
• Last month: $218 per square foot

While prices are fluctuating slightly, they’ve remained fairly steady overall. The market continues to favor sellers, though, given the still limited inventory.

Inventory Growth

Speaking of inventory, it’s up 20% compared to last August! But month-over-month, inventory has only increased by 2%. This signals that while there are more homes on the market, the supply is still relatively tight, still slightly favoring sellers.



Interest Rates and the Fed’s Impact

The big question on everyone’s mind: Where are mortgage rates headed?

We’ve seen rates ease into the sixes recently, which is a good sign for those looking to buy. However, keep an eye on what the Federal Reserve does in September. They’re suggesting they might lower the federal interest rate by a quarter of a percent, and if that happens, mortgage rates could decrease even further.

A drop into the 5% range might be the push many homeowners need to make their move. Those who’ve been sitting comfortably with 3.5% to 4% rates might finally decide it’s time to upgrade or downsize, opening up more opportunities for buyers.

Exciting News: Our New Website is Live!

On a more personal note, we’re thrilled to announce the launch of our all new website: MurfreesboroRealEstate.com

Not only is it packed with even more, down to the neighborhood, local market data that updates instantaneously, but it’s also more mobile-friendly than ever, making it even easier to search for homes or check the latest stats on the go. Forget about Zillow or those other national brands—our local site is your best resource for all things real estate in Rutherford County. Be sure to bookmark it!

Final Thoughts

As we head into fall, the Rutherford County real estate market remains steady. While inventory is increasing, it’s still low enough to give sellers a slight edge. Keep an eye on interest rates, as any drop could unlock more opportunities for both buyers and sellers alike.

As always, if you are interested in staying informed about what is happening in the local Rutherford County real estate market going forward, please consider following @murfreesbororealestate on Instagram, TikTok & YouTube for more on market conditions and numerous other real estate topics.