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.