In September, Closed Sales in Rutherford County were down -9.30% from September 2020. Pendings were only down -0.82%, while Inventory was down -19.32%, but up +1.11% from the previous month. This marks Rutherford County’s fourth straight month of Inventory improvement. Read on for our in-depth look at the latest local market data.
This September Listings Contracted, which were up +16.07% month-to-month in August dropped -9.89%. Listings Closed were also down -7.41% from August, where they had previously been only -1.41% down. Median List Price was again up over 20%, now for the sixth consecutive month compared to 2020 numbers. But only up +2.39% from last month, where we had seen a +10.25% gain the month prior. Median Sale Price, which was up +4.88% last month, rose a very slight 0.51%, but sales prices overall are still up +23.69% from this period last year.
Inventory improved for the fourth consecutive month, but this time only +1.11% from the month prior. However, Daily Average Inventory is still down -19.32 from last year, a marked improvement over last month’s -34.98% down. The good news is that Average Daily Inventory continues to improve, now sitting at another new best for 2021.
Mortgage Interest Rates, which had previously stabilized, took a steep jump last week to an average 3.01% (30-Yr Fixed Rate Mortgage). This shouldn’t come as a surprise, as experts have been predicting quarter four rate increases for months now. This due in part to the Federal Reserve announcing they will slow support for the capital markets, combined with nationwide energy, labor and material shortages.
Not much changed in Supply this month. We do expect to see a slight turn in many of the mid-to-high price points due to Inventory improvements coupled with decreasing demand (contracts & closings) and increasing interest rates. But for now, much remains as it has been for the majority of 2021.
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 our pleasure to serve you.