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    July 2020 RuCo Real Estate Market Update

    While our neighbors in RuCo’s surrounding counties are trailing about a month behind in their recovery from COVID-19’s impact on their markets, Rutherford County experienced a record month in June 2020. Read on for a more in-depth look at the June 2020 Rutherford County real estate data.

    While May’s data told us we were on the road to a swift market recovery in Rutherford County (Pendings +41.58, Closings -16.33%), June’s stats paint a picture of a market flourishing despite the ongoing impact of COVID-19. In June we saw a +30.11% increase in Pendings, and as predicted Closings finally rebounded at +14.54%. It appears our friends in Williamson County are in a similar position to what we were this time last month with Pending Sales being +43.75% while Closings are still -15.29%. We expect they’ll finally be in the positive next month in both categories. Meanwhile, Davidson County still hovers in the balance at +20.91% Pendings, but -15.29% Closings. That should mean they’ll be back to average next month, but do consider we were all on track for banner years pre-virus.

    Regarding Supply, quite frankly there has never been a better time to be a seller in our area. Inventory is at an all-time low, down -24.22% from last June and -16.23% from May 2020. In the sub-$300K price ranges Supply is at less than 30-Days, and the Seller’s market continues through pretty much every price range until it becomes Balanced at $600-700K. We even saw a huge move last month in the only remaining Buyer’s Market, the $700K+ range, where Supply went from 8.61 months to 5.54. That’s notable considering last June there was over a year’s supply of $700K+ homes. See more on that data at www.murfreesborohomesonline.com/data

    We’ve long known that the biggest driver of real estate markets worldwide is employment. So we expect the market to keep improving as COVID-19’s impact on employment continues to diminish. According to the U.S. Bureau of Labor Statistics monthly reports, Rutherford County’s Unemployment Rate in May was at 12.6%, down from 16.7% in April, but still considerable when looking at the pre-virus rate of 2.4%. We experienced one of the largest impacts on employment statewide, largely due to Nissan, but remember that in June 2009 we were at 11% Unemployment in Rutherford County.

     

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    John Jones

    During his 26 years in real estate, John has helped more than 6,000 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 he 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. John also offers several revolutionary programs to his clients such as the Guaranteed Sale Program, No Show Offer, and the Fixer-Upper program.

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