In February, we finally saw some good news for buyers in the Rutherford County real estate market. Average Daily Inventory improved slightly from the previous month, though Listings Added remained nearly identical to the month prior with 536 new listings, still a welcome improvement from the 2021 declines. Meanwhile the rising Mortgage Rates also finally declined slightly, down to 3.76% (30-Yr FRM), all welcome news for increasingly frustrated buyers. Read on for our in-depth look at the local market data.
Last month, Listings Added were down -25.97% from last February, but almost even with this January at 536 listings added in the month. Contracts were down -11.72% from last year, but up +3.57% from the previous month. Closings were up +4% from last year and +9.68% from January.
Average Daily Inventory remains down, this time -35.39% from last year, but up slightly at +1.79% from the month prior. As of right now there are currently 165 active listings in Rutherford County, and 26% of those have completion dates of April or later. There are only 27 homes listed $350K and under, down nearly 50% from this time last month.
Absorption Rates hit new record lows in four different price points ($200-250K, $300-350K, $350-400L and $700K+), including a third straight record month in the $700+ luxury market, with only 1.8 months supply.
Median List Price is currently $494,000 and List Price per Sq.Ft is sitting at $230, but remember that varies widely based on the size of the home. A smaller home is often a much higher price per square foot than a larger home.
41% of homes that closed in Rutherford County in February received over asking price, getting 101.54% of asking price on average. That’s more good news for potential sellers!
There is some good news for buyers too. This week, the average 30-year Fixed Rate Mortgage dropped to 3.76%, down from the Post-Covid peak of 3.92% two weeks ago. This is likely a temporary decline due to the uncertainty surrounding Russia and the Ukraine. As treasury bond yields decline, historically so do rates. So don’t expect rates to remain in the upper 3% range too much longer.
If you are a buyer looking to find your new home in this increasingly difficult market, or a seller looking to take advantage of John Jones Real Estate’s LOCAL market expertise to sell your home faster & for more money, please give us a call at 615-867-3020. It would be our pleasure to serve you.