The banner year for Rutherford County’s real estate market continued through October. Closed Sales year-to-date are up 7.25% over last year. October numbers were also up comparatively, with Contracts up 25.45% and Closings up 13.20%. Inventory also continues to be more of what we’ve seen throughout 2020, with New Listings being down -18.30%. Read on for an in-depth look at the most current local market data.
Inventory continues to be the biggest issue in 2020’s local real estate market. Inventory is down -48.73% compared to this time last year, making it a great market for Sellers, but a tough time for Buyers looking to take advantage of the crazy low rates. If you are looking to purchase you MUST be ready to pull the trigger with the best possible offer as soon as the right home hits the market. The Inventory shortage is magnified by the continued slowdown in New Listings, down -18.30%, in addition to Contracts being up 25.45% and Closings up 13.20% over last October. Much of this has to do with the continuation of the unbelievable Mortgage Interest Rates, which just this week hit yet another historic low with an average 2.78% on a 30-Year Fixed Rate and 2.32% on a 15-Year Fixed. Even if you are not in the market to buy or move up, now is a great time to contact your trusted lender to see if refinancing might be a good option.
Regarding Supply, October saw more of the same, settling in to the month or less Supply we previously saw for all price ranges under $500K. Even then, price ranges from $500-700K are now experiencing under two months Supply. Only in Rutherford County’s luxury market are we seeing anything that resembles a Balanced or Buyer’s Market, with $700K+ homes currently at 5.25 months Inventory.
Employment in RuCo again improved, with unemployment now at 5.4%, down from 7.6% the previous month. According to the U.S. Bureau of Labor Statistics, we’re now at 7.7% umemployment nationally. It’s tough to look at this as good news with just under 10,000 Rutherford Countians still without work, however it’s significantly lower than many experts had projected it would be just a few short months ago. Metro Nashville as a whole is still at just over 1 million employed, with over 182,000 of those living here in RuCo. So the needle continues inching towards Rutherford County’s pre-pandemic rate of 2.4% unemployment.
The bottom line is, Buyers now have more purchasing power than ever before and current home owners now have the option to refinance their existing loans at better rates, or take advantage of the historic low rates and strong Seller’s Market that are making your dream home more affordable than ever!