Last month, we were a bit alarmed by the significant 33% year-over-year decline in closed sales from June. Naturally, we wondered if this was an emerging trend or just a one-time anomaly. Thankfully, it appears to be the latter. July’s sales numbers are nearly identical to last year’s, suggesting that June’s dip was an outlier. Read on for our deep dive into the July 2024 Rutherford County local market data.
Both pending and closed sales held relative steady this July compared to July 2023. This consistency is a positive sign for the market’s stability after last month’s huge dip. What’s even more reassuring is closed sales were up 26.89% from June, providing insight to why supply was down 16.10% month-to-month.
Median Price per Square Foot, which helps us gauge appreciation or depreciation, has seen a slight increase back to $218, after dropping to $215 last month. To put this in perspective, our peak was around $222 back in June 2022.
One of the most significant changes we’ve observed recently is the dramatic drop in interest rates over the past few days, falling by over half a point. This decline is primarily due to a decrease in treasury yields, spurred by positive news regarding job reports and easing inflation.
What’s this mean for you? If you’ve been sitting on the fence about buying a home or have been struggling to qualify, now might be an excellent time to act. The recent drop in rates could make a significant difference in your purchasing power.
If you are interested in staying informed about what is happening in the local Rutherford County real estate market going forward, please consider following @murfreesbororealestate on Instagram, TikTok & YouTube for more on market conditions and numerous other real estate topics.
