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2023 Local Market Update: Appreciation Up Despite Market Shift

Despite dropping from our June 2022 peak of $225 per Sq.Ft. Rutherford County ended 2022 with appreciation up from the previous year. Read on for our in-depth look at the December 2022 market statistics and the year-over-year local market data comparisons. Thank you for spending a few minutes of your time with us!

Looking at the year-over-year data for Rutherford County, Closings were down -17.91% in 2022, but Median List Price and Median Sale Price rose +20% and Inventory was up significantly with a +58.45% increase from 2021. Looking ahead, we expect Mortgage Interest Rates to be the biggest determining factor in how the 2023 real estate market plays out. With rates currently sitting at 6.48% (30-Yr FRM), if rates come down a point we expect the market to remain on par with 2022, however if they do get down into the high four to low five percent range we may see the market return the frenzied pace and rapid appreciation we saw in the summer. More on interest rates later.

Moving on to the monthly statistics for Rutherford County, we saw a 128.77% increase in Inventory from last December, but Contracts were down -34.27% compared to the same period last year. Closings, while down -41.58% from last year, were up 3.12% from November, a month that suffered drastic drops due to the fall’s sudden spike in Mortgage Interest RatesSupply remained relatively stable with the decrease in buyers being offset by a proportionate decrease in sellers. In December, Listings Added was the lowest we saw all year (463) while Active Listings also dropped for the second straight month, now at 980 homes on the market in Rutherford County.  As previously mentioned, Median Price Per Sq.Ft continued falling from the summer peak of $225 per Sq.Ft. but at $205 per Sq.Ft. we’re still up over this time last year.

Mortgage Interest Rates have now somewhat stabilized after dropping from their November peak of 7.08% (30-Yr FRM). Where they go from here is anyone’s guess, but we expect rates to come down further as we progress into 2023 and inflation numbers continue to ease. For now, we’re operating in a market that is teetering on the edge, but in the current climate we’re enjoying a little reprieve for buyers who are facing less competition and able to purchase homes for significantly less than they were at our historic peaks in the summer of 2022. Learn more on these and many other topics by tuning into our edutainment series on our social media channels. If you don’t already follow @murfreesbororealestate on InstagramTikTok & YouTube please consider subscribing!

As always, if you are a buyer looking to find your new home in our rapidly changing local 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.

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John Jones

During his 30 years in real estate, John has helped more than 7,500 families handle their real estate needs. Nobody has sold more homes in Rutherford County than John and there is not even a close second. Before opening his own brokerage, John Jones was a perennial top producer for Coldwell Banker from 1998 to 2008, consistently ranking among the top 1% of agents in the nation. In October of 2008, John realized his vision of a small boutique real estate firm that offers the best in customer service, market knowledge, wealth building opportunities, and innovative techniques that get homes sold. Offering several revolutionary programs to his clients such as the Guaranteed Sale Program, Instant Offer, and the Fixer-Upper program, John and his team continue to perennially set production records, with 560 units sold and over $185,000,000 in volume in 2020. Those numbers again put the company's agent average at the top of both the Rutherford County and greater Nashville rankings.

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