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
November 2021 RuCo Real Estate Market Update
Dated: November 8 2021
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In October, Closed Sales in Rutherford County were down -6.03% from October 2020. Pendings were up +6.42%, while Inventory was down -27.09% from the same period last year, and down -11.11% from the prior month. This after four straight months of Inventory improvement. Read on for our in-depth look at the latest local market data.
This October Listings Contracted, which were down -9.89%% month-to-month in September, spiked +4.53%. Listings Closed were down -1.54% from September. Median List Price was again up over 20% from the year prior, this time an unprecedented +36.95%, but only up +1.54%% from last month. Median Sale Price was up +2.78% from last month, and is still hovering around +24% from this period last year.
Inventory, which had improved the four consecutive months, took a steep dip by -11.11% from the month prior. Daily Average Inventory, which was down -19.32% last month, is now down -27.09% from the same period last year.
As predicted, Mortgage Interest Rates have continued to climb, now sitting at an average 3.09% (30-Yr Fixed Rate Mortgage). We did see a slight improvement last week, however we do expect more increases due to strengthening economic data and the Federal Reserve pulling back on its stimulus. That said, the housing market remains favorable for buyers, considering rates are still well below pre-pandemic levels.
Not much changed in Supply this month. All price points remain in a Sellers' Market. We did see a slight turn in the $600-700K price point, likely due to the prior month's demand (contracts & closings) decreasing. With contracts having improved +4.53% from September, we do expect Supply to trend back down this month.
If you are a buyer looking to find your new home in this very difficult market, or a seller looking to take advantage 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....
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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.
