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November 2021 RuCo Real Estate Market Update

In October, Closed Sales in Rutherford County were down -6.03% from October 2020. Pendings were up +6.42%, while Inventory was down -27.09% from the same period last year, and down -11.11% from the prior month. This after four straight months of Inventory improvement. Read on for our in-depth look at the latest local market data.
 


This October Listings Contracted, which were down -9.89%% month-to-month in September, spiked +4.53%. Listings Closed were down -1.54% from September. Median List Price was again up over 20% from the year prior, this time an unprecedented +36.95%, but only up +1.54%% from last month. Median Sale Price was up +2.78% from last month, and is still hovering around +24% from this period last year.

Inventory, which had improved the four consecutive months, took a steep dip by -11.11% from the month prior. Daily Average Inventory,  which was down -19.32% last month, is now down -27.09% from the same period last year.

  

As predicted, Mortgage Interest Rates have continued to climb, now sitting at an average 3.09% (30-Yr Fixed Rate Mortgage). We did see a slight improvement last week, however we do expect more increases due to strengthening economic data and the Federal Reserve pulling back on its stimulus. That said, the housing market remains favorable for buyers, considering rates are still well below pre-pandemic levels.

Not much changed in Supply this month. All price points remain in a Sellers’ Market. We did see a slight turn in the $600-700K price point, likely due to the prior month’s demand (contracts & closings) decreasing. With contracts having improved +4.53% from September, we do expect Supply to trend back down this month.



If you are a buyer looking to find your new home in this very difficult market, or a seller looking to take advantage 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. 

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John Jones

During his 30 years in real estate, John has helped more than 7,500 families handle their real estate needs. Nobody has sold more homes in Rutherford County than John and there is not even a close second. Before opening his own brokerage, John Jones was a perennial top producer for Coldwell Banker from 1998 to 2008, consistently ranking among the top 1% of agents in the nation. In October of 2008, John realized his vision of a small boutique real estate firm that offers the best in customer service, market knowledge, wealth building opportunities, and innovative techniques that get homes sold. Offering several revolutionary programs to his clients such as the Guaranteed Sale Program, Instant Offer, and the Fixer-Upper program, John and his team continue to perennially set production records, with 560 units sold and over $185,000,000 in volume in 2020. Those numbers again put the company's agent average at the top of both the Rutherford County and greater Nashville rankings.

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