The Rutherford County housing market statistics for the month of April are here. According to our latest data, year-over-year closings were down 27% compared to last April, which was a record April. The median price per square foot, which is used to track appreciation or depreciation, was down 3.2% over last April to $211 a square foot, but it’s up $5 per square foot from the previous month. Read on for a more in-depth look at the most current local market data.
Inventory remained unchanged compared to March, after five months of decline. However, seasonally adjusted, it’s expected that there should have been more listings coming on the market in April than in the previous months. Despite the unchanged inventory, there’s still a lot of demand in the marketplace, as verified by the fact that the prices are not coming down month-over-month. They reached their peak in June 2022 at $225 per square foot, eased down to $204, and now are gradually back up to $211, showing supply and demand at work.
Supply in April was 2.68 months, which is higher than last April, when it was under a month. However, this number still indicates that the market is in favor of sellers. The rates have remained steady for the last 60 days, hovering in the high fives and low sixes (30-Yr FRM). The Consumer Price Index for April is coming out on May 10th, which is a significant day for the market. If inflation is decelerating, as most analysts think it will, it should help rates continue to ease down.
Overall, Rutherford County’s housing market still has plenty of demand. Inventory, while improved from last year, is still not up enough to balance the market due to the number of buyers. Although the inventory has been low, there are signs of more listings coming on the market as we approach what are traditionally the peak months of May/June in our local market.
If you’d like to stay informed about local real estate trends, consider following @murfreesbororealestate on Instagram, TikTok & YouTube. If you need any assistance, you can always contact John Jones Real Estate at 615-867-3020 to put our LOCAL market expertise to work for you. It would be our pleasure to serve you.
