Year-End Market Stats + 2024 Predictions
Here's breakdown of our local Rutherford County real estate market as we wrap up 2023 and look ahead to what 2024 might have in store. In December 2023, we saw a promising increase in home sales compared to the previous December. Most notably a surge in pending contracts, marking a significant 29.86% rise from the same period last year. This uptick can be attributed, in part, to a slight decrease in interest rates. However, the persistent challenge remains - low inventory, down by 16% from the previous December, and a current 2.65-month supply of homes.
Taking a broader view of 2023, we closed the year with 5,723 transactions in Rutherford County, reflecting a 12.67% decrease from 2022. Average days on the market increased from 11 to 29, indicating a shift in the pace of sales. Despite the decline in sales, home prices remained stable, with only a marginal decrease of $2 in the median price per square foot over the last twelve months.
Read on for an in-depth look at the most current local market data.