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October 2021 RuCo Real Estate Market Update

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. 

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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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