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April 2022 Rutherford County Real Estate Update

In March, Listings Added were down -23% from last March, but the good news is they’re up +30% from this February. Meanwhile interest rates (30-Year FRM) are currently averaging 4.72% vs. 3.76% this time last month. For reference, the last time rates were above 4.6% was December 2018 on their way back down from their last peak of 4.94% in November of 2018. Read on for our in-depth look at the most recent local market data!

Last month, Listings Added were down -23.3% from last February, but up over +30% from February. Contracts were down -6.04% from last year, but up +17.93% from the previous month. Closings were down -16.09% from last year but up +9.41% from February. We’re watching closely to see if these gains are seasonal or if we’re seeing the increasing Inventory boost sales.

Taking a closer look at Inventory, while down -28% from last March, Inventory is up +16% from February, quite a jump from recent months, even when compared to last year’s spring bump of +3.73%. There are currently 184 active homes listed in Rutherford County. 36% of Active Listings have completion dates of May or later (66) up from 27% (44) in February.

Average List Price/Square Ft. is is currently $294, up from 272 last month, while Average List Price is now at $711,427 up from $687,248. Median LP/SqFt is currently sitting at $237, while Median List Price is at $515,362 significantly up from last month’s $494,000. Absorption Rates across most price points have begun to ease back up from last month’s record lows, but ever so slightly.

Looking at Mortgage Interest Rates, currently a 30-Year Fixed Rate Mortgage is averaging 4.72% vs. 3.76% this time last month. The last time rates were above 4.6% was December 2018 on their way back down from their last peak of 4.94% in November of 2018.

The final indicator we’re keeping eye on is employment. According to the latest data Rutherford County’s Labor Force is still climbing, now at a new record high of over 197,000 employed with the Unemployment Rate at 2.6%, again approaching the post-COVID low of 2.5% we saw in November. For reference, the record low for Rutherford County was 2.1% in May 1999, while the high reached 17.1% unemployed in April 2020.

If you are a buyer looking to find your new home in this increasingly difficult 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 28 years in real estate, John has helped more than 6,500 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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