In April, Listings Added were down -17% from last April, but the good news is Average Daily Inventory is up 12.99% from the previous month. That’s two straight months of double digit Inventory improvement. Meanwhile interest rates continue rising, now at 5.27% (30-Year FRM), the highest they’ve been since 2009. Read on for an in-depth look at the most current Rutherford County real estate data.
Last month, Listings Added were down -16.94% from last April, but up +12.99% from March. Contracts were down -6.11% from last year and down -3.36% from the previous month. Closings were down -13.58% from last year but up +6.09% from March.
Taking a closer look at Inventory, while down -21.39% from last April, Inventory is up +12.99% from March. There are currently 342 active homes listed in Rutherford County, up 158 from this time last month, with 55 coming soon listings poised to hit the market in the coming weeks.
Median List Price for April was $435,000, up +27.98% from last year. Absorption Rates across most all but the Under $200K price point have continued to ease back up from February’s record lows. The most notable changes were the flatlining of homes Under $200K, something we’ve never seen before, and luxury homes in the $700+ price range spiked to 2.52 month’s supply. That’s 61 listings above $700K, a new record for that price point in Rutherford County.
Looking at Mortgage Interest Rates, currently a 30-Year Fixed Rate Mortgage is averaging 5.27% vs. 2.96% last May. That’s the highest we’ve seen rates since 2009. Many buyer’s are beginning to look at Adjustable Rate Mortgages (ARMs) as a more affordable option, especially if you plan to stay in the home long-term. ARMs are currently averaging 3.96%.
If you are a buyer looking to find your new home in this very difficult Seller’s 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.