In May, we saw some significant movement in the Rutherford County real estate market. Most notably Average Daily Inventory was up for the first time YOY since the onset of COVID and also up significantly (+35.6%) month-over-month. Meanwhile interest rates dipped, now at 5.09% (30-Year FRM), down from 5.27% this time last month. Read on for an in-depth look at the most current Rutherford County real estate data.
Last month, Listings Added were up +9.59% from last May, a welcome change from the previous month’s -16.94% down. Listing Added also jumped significantly month-over-month, up +25.53% from April. Contracts were back up, +9.15% from last year and +19.06% from April. Closings also jumped back up, now +4.08% from last May and +7.60% from April. Meanwhile, we saw our neighbors in both Davidson County and Williamson County have declining sales last month, down -18% and -4% respectively.
Looking at Inventory, we see the evidence of the market softening we’ve been predicting. As previously mentioned, Average Daily Inventory is up +5.36% from last May and +35.63% from a month ago. There were 880 new listings added this May, and Supply rose in every single price point. The Absorption Rates for the $450K and up price points all jumped by nearly 100%, meaning we suddenly have a healthier Supply when compared to housing demand in Rutherford County. That’s not to say we’re back to where we need to be. We consider a Balanced Market to be 4 Months Supply, so not even the luxury ($700K+) market is truly balanced just yet, despite a new record 88 active listings in that price point.
Looking at Mortgage Interest Rates, currently a 30-Year Fixed Rate Mortgage is averaging 5.09%, up 2.10% from this time last year. That is however down slightly from the peak of 5.27% we saw last month, the highest rates have been since 2009. Many buyers are now considering Adjustable Rate Mortgages (ARMs) as a more affordable option, especially if planning to stay in the home short-term. ARMs did jump slightly to 4.04%, up from the 3.96% weekly-average we saw this time last month.
If you are a buyer looking to find your new home in this very difficult Seller’s 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.