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.
