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Inventory Dips & Price Surges: March 2024 Rutherford County Local Market Data

Thank you for taking a few minutes of your time to learn about the Rutherford County real estate market. We put a lot of time and effort into creating the most comprehensive collection of data available, in order to uncover key trends that shape local real estate landscape, and to help our clients homes sell faster and for more money. It’s a key difference that truly sets us apart from our competition. So, let’s dive right in.

Contracts & Closings: Let’s start with the at-a-glance numbers. Closings in February remained relatively stagnant compared to the same period last year, experiencing a slight decrease of 4% which is not particularly concerning given the wintery weather that caused contract written in January to be fairly dismal. Similarly, pending sales (contracts) mirrored the figures from February of the previous year, indicating a stable market here in Rutherford County.

Inventory Dynamics: One notable trend is the decline in inventory, down by 7.66% compared to last February and 5.65% from the previous month. This ongoing shortage of inventory continues to pose challenges for buyers in the region. The sharp decline we’re seeing is driving prices back up toward the record highs we saw in the summer of 2022.

Median Price Per Square Foot: What caught my attention the most this month is the significant increase in the median price per square foot. Soaring from $207 to $214 per square foot, this marks one of the most substantial monthly jumps we’ve ever witnessed, eclipsed only by a similar jump in the spring of 2022. Moreover, it’s the highest median price per square foot has been since the fall of 2022. This surge is primarily attributed to the persistent low inventory levels driving up prices.

Supply & Demand: As we know, prices in the real estate market are heavily influenced by supply and demand dynamics. With more buyers than sellers, prices tend to rise, as evidenced by the current scenario in Rutherford County. The months’ supply of homes has decreased from 3.1 to 2.8, indicating a continued seller’s market.

Mortgage Rates and Federal Reserve: Moving on to mortgage rates, the average conventional rate is hovering around 6.94%, showing a slight increase from the previous month. However, Federal Reserve Chairman Jerome Powell announced today that there are no plans to raise the Fed rate further, although any decreases may take some time to materialize. While the bond market responded positively to this news, resulting in a slight reduction in rates, the impact on the housing market remains relatively moderate.

Market Outlook: Looking ahead, we anticipate fluctuations in market activity based on external factors such as weather conditions. However, the underlying buyer demand remains robust. As mortgage rates gradually ease, we expect to see increased opportunities for buyers, thereby stimulating further market activity and driving home prices in Rutherford County upward.

Conclusion: Rutherford County’s real estate market continues to exhibit resilience amid ongoing challenges. Prices remain stable, and homeowners’ equity remains relatively secure. If you have any real estate-related inquiries or require assistance, feel free to reach out to us at 615-867-3020.

If you are interested in staying informed about what is happening in the local Rutherford County real estate market going forward, please consider following @murfreesbororealestate on InstagramTikTok & YouTube for more on market conditions and numerous other real estate topics.

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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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