In September, we saw Contracts & Closings in Rutherford County both significantly down from last year and also down from the previous month. Inventory made a huge jump year-over-year, but only slightly over August. Certainly the biggest news this month has been rising rates, but they haven’t impacted Supply to the extent we thought they might. Probably the most surprising movement in the data this month is a slight tick back up in Price Per Sq.Ft., after two straight months of downward movement. Read on for our deep dive into the local market statistics.
In September, Listings Added were again down slightly year-over-year in Rutherford County, now for the second straight month. Contracts dropped -17.42% and Closings -25.64%, resulting in a net effect of a +77.91% improvement in Average Daily Inventory . So buyer activity is still slowing, but not to the degree we expected with the recent Mortgage Interest Rate hikes. Supply has finally eclipsed the 2-month mark, now sitting at 2.1 Months Supply, but still a far cry from the four Months Supply we consider a balanced market. Not much movement in any individual price points this month. All moved, but none drastically. You can see more detailed data on that by visiting our website HERE.
Inventory has now crossed the 1,000 Active Listing mark. That’s welcome news for buyers who have been struggling to find a home. More good news for buyers is that Days on Market has increased 214.29% on average, introducing opportunities for much needed contract contingencies such as home inspections, and even home sale contingencies are now being considered. Additionally we’re seeing some builders now offer incentives and increasing become willing to entertain below-asking offers. It will be interesting to see what happens with Inventory as we navigate what are typically fall/winter seasonally dips.
Mortgage Interest Rates have continued steeply rising. Last week a 30-Year Fixed Rate Mortgage was averaging 6.70%, the highest we’ve seen since the summer of 2007. That number has dropped ever so slightly this week to an average of 6.66% (30-Yr FRM) reported today. We have seen a lot of our buyers taking advantage of rate buy-downs, and we’ve been seeing some sellers even willing work with buyers to accomplish temporary rate buy-downs. Mortgage products are evolving quickly, so if you think you’re out of luck with the current rates, think again. Learn more on this and many other topics by tuning into our edutainment series on our social media channels. If you don’t already follow @murfreesbororealestate on Instagram and TikTok, please consider subscribing!
As always, if you are a buyer looking to find your new home in our rapidly changing local 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.
