In January, Rutherford County’s real estate market continued our upward trend of Listings Contracted. However, we did finally see a dip in Listings Closed, largely due to the ongoing Inventory shortage. Mortgage interest rates hit yet another historic low of 2.65% (30-Yr FRM) before trending slightly up just prior to the inauguration. Read on for an in-depth look at the most current local market data.
As we began 2021, Inventory continued to be the biggest issue facing the local real estate market. Down -51.45%, Inventory was a primary reason Closed Sales were down -1.93% from 2019 and -11.11% from the previous month. Contracts were once again up compared to last year, this time 25.61% from January 2020, but down -41.58% from December, a month that typically sees fewer home sales.
The Rutherford County real estate market continues to be AMAZING for Sellers, with all but the $700,000+ luxury market price point still sitting deep in a Sellers Market. And even those luxury homes are still in a well balanced market, with just 4.50 months of Supply.
This remains a frustrating time for Buyers looking to take advantage of what continue to be near record low interest rates, because of the aforementioned Inventory shortage. That deficiency much to do with an increasing number of transplants from across the country moving to the state of Tennessee, and compounded due to the incredible Mortgage Interest Rates putting local buyers in a frenzy. Freddie Mac is currently reporting an average interest rate of 2.73% on a 30-year fixed rate mortgage, which is only slightly up from the historic low 2.65% we saw in early January of this year.
If you are looking to purchase in the current climate, you MUST be ready to pull the trigger with the best possible offer as soon as the right home hits the market. Many of our Buyers are having success, but it’s become a battle of deep market knowledge, with most purchases happening in the first few days of a new listing coming to market, often even contracting off-market altogether. It’s more important than ever to have a hyper-local market expert on your side!
