In November, Closed Sales in Rutherford County were down -1.73% from November 2020. Pendings were up +0.96%, while Inventory was down -24.65% from the same period last year and down -13.64% from the prior month. Read on for our in-depth look at the latest local market data.
This November Listings Contracted were up +0.96% from last November, but down -14.27% from October 2021. Listings Closed were down -1.72% from last November and -4.32% from October. Median List Price was up +25.84% from the year prior, but only up +2.19% from last month. Median Sale Price, which was up +2.78% last month, dropped -3.85% month-to-month. However we’re still up +20.83% from the same period last year.
Inventory, which dipped by -11.11% month-to-month in October, was down another -13.64% in November and down -24.65% from last November. We’re seeing no signs of Inventory improving anytime soon in Rutherford County as we approach the perennial Christmas respite.
Mortgage Interest Rates have continued to climb, now sitting at an average 3.11% (30-Yr Fixed Rate Mortgage), a slight spike from last month’s 3.09% average and up 0.40% from this period last year. That said the housing market remains favorable for buyers, with rates still lower than their post-pandemic peak of 3.18% in April 2021 and well below pre-pandemic levels.
Lots of slight movements in Supply this month, the biggest of which were the dip back under a month’s supply in the $600-700K price range, and the luxury $700K+ price range again hitting 3.0 Months Supply, matching the record low.
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.