The March 2023 housing data is in for Rutherford County, and the numbers show some interesting trends in the local real estate market. Closings were down by -6.63% year-over-year, but up 42.97% from February. Contracts were almost even YOY, but up 8.10% from the previous month. Read-on for a closer look at our local, Rutherford County, real estate data.
Listings Added were down -12.40% from last year, but up 21.59% month-over-month. Meanwhile, Average Daily Inventory is up significantly from last March 69.04%, but down -8.83% from this February. This due to demand continuing to outpace supply.
What’s this mean for prices? Prices are holding relatively steady right now. Median Price Per Sq.Ft. did make a dip back down, after two months on the rise, now sitting at $206. It’s hard to say where they’ll go from here, but with interest rates slowly coming back down and demand showing no signs of going away, we expect the spring will be a very healthy real estate market in Middle Tennessee.
Absorption rates are still showing a strong buyer’s market in the lower thru mid-range price points, while the upper echelon, homes $600K and up are approaching what we consider a balanced market locally, right at four months supply. See that data for yourself on our website at https://www.murfreesborohomesonline.com/data/
Adding to that demand is the softening Mortgage Interest Rates, with five straight weeks of decline. Currently a 30-Year Fixed Rate Mortgage is averaging 6.28%. Many lenders have already introduced new products that can further lower those rates, in order to combat the rate peaks we saw toward the end of last year. Those products have now become somewhat commonplace, with many sellers even willing to provided assistance as an incentive to purchase.
Meanwhile, Assumable Mortgages are starting to also become more prevalent, although many agents find them difficult to navigate due to their nature in a market where homes have appreciated so drastically, so quickly. It’s crucial for buyers to keep an eye on interest rates and how they may impact their ability to purchase a home. Working with a trusted real estate agent or mortgage professional can help navigate the current market conditions and find the best options for individual needs.
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!
One Response to “Is The Local Market Settling Into A New Normal?”
Great Job Very Informative!