In November, Rutherford County’s real estate market continued its banner year, propelled by rates and buyer demand for the area. Closed Sales year-to-date are up 9.14% over last year. November numbers were also up comparatively, with Contracts up 22% and Closings up 31.25%. Inventory hit an all-time low with Average Daily Inventory being down -50.51%. Read on for an in-depth look at the most current local market data.
Inventory continues to be the biggest issue in 2020’s local real estate market. Inventory is down -50.51% compared to last November, making it a great market for Sellers, but a tough time for Buyers looking to take advantage of what continue to be historically low interest rates. If you are looking to purchase you MUST be ready to pull the trigger with the best possible offer as soon as the right home hits the market. The Inventory shortage is magnified by the continued slowdown in New Listings, down -13.56% from last November, in addition to Contracts being up 22% and Closings up 31.25%. Much of this has to do with the continuation of the unbelievable Mortgage Interest Rates, which just last week hit yet another historic low with an average 2.71% on a 30-Year Fixed Rate and 2.26% on a 15-Year Fixed. Even if you are not in the market to buy or move up, now is a great time to contact your trusted lender to see if refinancing might be a good option.
Regarding Supply, November saw a continued dip further into the Buyer’s Market across most price ranges. And it’s notable that even the $700K+ luxury home market is now in a Balanced Market, which we can’t remember ever happening before.
The bottom line is, Buyers still have more purchasing power than ever before and current home owners now have the option to refinance their existing loans at better rates, or take advantage of the historic low rates and the strong Seller’s Market that are making your dream home more affordable than ever!