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February 2022 Rutherford County Real Estate Update

Is the Rutherford County real estate market headed for a crash like in 2008? Well, the data suggests not.

In January, we saw 23 more homes go under contract than new homes that came on the market. That’s just a simple example of why Inventory continues to dwindle, now down -41.64% year-over-year, causing home prices to continue ticking upward.

Read on for our in-depth look at the most current local real estate market data.

This January, we saw 537 new homes come on the market in Rutherford County, down -38.28% from last January, but up +17.76 from December. Listings Contracted were down -18.37% from the January prior and down -3.11% from December. This imbalance is just adding to what now seems like monthly historic lows in Inventory.

Average Daily Inventory again hit a new low, just 391 single-family homes, down 41.65% from Last January and -11.74% from December. Meanwhile, Median List Price continues to climb, now up +31.32% and Median Closed price up +35.24% from last last year. Adding to the local demand is rising rents. Murfreesboro’s median two bedroom rent hit $1,488 in January, surpassing Nashville as Tennessee’s second most expensive rental market behind neighboring Franklin ($1,971). 

Supply essentially held steady at the record lows we saw in December, with only slight fluctuations across all price ranges, but we did hit a new record low in the local luxury real estate market, now down to only 2.06 Months Supply of homes listed above $700K. 

We currently have just under 200 active single-family homes listed in Rutherford County, with over 25% of those being new construction with completion dates of March or later. As of this morning there were only 45 homes listed under $350K.

Meanwhile Mortgage Interest Rates have spiked, having jumped up to 3.55% (30-Yr Fixed Rate Mortgage) the first week of January, where they’ve held steady the past three weeks. However, with the Federal Reserve signaling spring rate hikes, most experts are predicting interest rates to rise anywhere from half to a full percentage point through 2022. 

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. 

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John Jones

During his 30 years in real estate, John has helped more than 7,500 families handle their real estate needs. Nobody has sold more homes in Rutherford County than John and there is not even a close second. Before opening his own brokerage, John Jones was a perennial top producer for Coldwell Banker from 1998 to 2008, consistently ranking among the top 1% of agents in the nation. In October of 2008, John realized his vision of a small boutique real estate firm that offers the best in customer service, market knowledge, wealth building opportunities, and innovative techniques that get homes sold. Offering several revolutionary programs to his clients such as the Guaranteed Sale Program, Instant Offer, and the Fixer-Upper program, John and his team continue to perennially set production records, with 560 units sold and over $185,000,000 in volume in 2020. Those numbers again put the company's agent average at the top of both the Rutherford County and greater Nashville rankings.

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