In February, Rutherford County’s real estate market once again trended up in Listings Contracted. Meanwhile, Listings Closed remained nearly identical to February 2020 despite unprecedented buyer amidst the ongoing Inventory shortage. Mortgage interest rates climbed throughout the month, hitting 3.0% (30-Yr FRM) for the first time since July. Read on for an in-depth look at the most current local market data.
Once again Inventory continues to be the biggest issue facing the local real estate market, now down -57.61% from the same period last year. Despite that shortage Closed Sales remained almost even at -0.22%. Contracts were once again up compared to last year at +9.94%, but only +2.57% up from January 2021. It’s going to be interesting to see what happens in March, which is when we experienced the only significant impact of the pandemic shutdowns during Rutherford County’s banner year in 2020.
The Rutherford County real estate market continues to be AMAZING for Sellers, with all price points now in a Sellers Market, something not often seen in the $700K+ luxury market. In the $600-700K price range there is currently a single listing in Rutherford County, and even that one is currently under construction. What a time to be a seller!
The historic low inventory, while amazing for Sellers, is becoming increasingly frustrating for Buyers. The deficiency in listings is causing bidding wars that often push home prices beyond appraisal values, meaning many Buyers are having to waive appraisal contingencies, or pay the difference out-of-pocket, in order to present a competitive offer.
Freddie Mac is currently reporting the average interest rate at 3.02% on a 30-year fixed rate mortgage, which while certainly up from the historic low 2.65% we saw in January of this year, is still the best rates have been since summer of 2020. Remember, in March of 2020 interest rates hit 3.65% before beginning their steady decline to January 2021’s all time low.
If you are looking to purchase in the current climate, you MUST be ready to pull the trigger with the best possible offer as soon as the right home hits the market. Many of our Buyers are having success, but as we’ve said before, it’s become a battle of deep market knowledge, with most purchases happening in the first few days of a new listing coming to market, often even contracting off-market altogether. It’s more important than ever to have a hyper-local market expert on your side!
