In April 2021, Rutherford County’s real estate market yet again trended up in Listings Contracted, up +18.37% over last April. Listings Closed were up +9.36%, while Inventory remained down, now -42.30% down from last April. Read on for an in-depth look at the local real estate market data.
Listings Contracted continued their climb, this time up +18.37% over last April. Listings Closed were also up +9.36% in April, a welcome change from the -4.23% down we saw last month. The Inventory shortage remains significant, down -42.30% from last April, but much improved from last month’s record low of -57.97% down. The outlook for would-be buyers appears to be improving, albeit very slowly, with Inventory up +9.63% from March.
It’s a unique market here in Rutherford County. We’re finally seeing a flattening of Supply at the lower price ranges, movement every direction in the mid-range Supply of homes, and the top tier and luxury market continues to dip further into the Seller’s Market that the other price ranges’ Sellers have been enjoying for quite some time. All but the $700K+ price ranges have less than a month’s Supply, something we’ve never seen before in the Rutherford County real estate market.
Mortgage interest rates are also markedly improved from last month’s 3.18%, now averaging 2.96% (30-Yr FRM). BUT all signs point to a slow incline in rates as we enter into the second half of the year. Those great interest rates are making comparative Purchasing Power more even than you’d think, despite the skyrocketing prices, now right at 12.28% up from last year. As we approach prime selling season, it’s a good time to get in touch with your local lender and get pre-approved to purchase so you are ready to pull the trigger on your dream home as soon as it hits this crazy market. AND if you want to have success in this market… Be sure to call the LOCAL market experts at John Jones Real Estate. 615-867-3020