August 2020 RuCo Real Estate Market Update
With Monthly Supply of homes being at an all-time low in Rutherford County, many buyers still found properties to purchase, taking advantage of Mortgage Interest Rates dropping below 3% for the first time in history. Read on for a more in-depth look at the July 2020 Rutherford County real estate data. At a glance, the numbers look like we should have plenty of Supply. Listings were up 6.76% over last year with contracts in July up 35.48% and Closed Sales up 16.82%, making the Supply shortage -32.44% worse than last July and -12.19% worse than just last month. This is creating the "perfect storm" for Sellers to move up to their dream home, because we're seeing homes sell at a premium, but on the buying end the rates are making monthly mortgage payments extremely affordable by comparison. No drastic changes in Supply this month, Inventory remains at an all-time low. Only the $600-700K price range saw a really significant change month to month. Supply in that range is down to just 2.13 months, a stark contrast from last July's 6.89 month supply. Overall we remain very firmly in a Seller's Market and we don't see that changing anytime soon. We've long known that the biggest driver of real estate markets is employment, and the RuCo market is no different. The local market continues to improve as COVID-19's impact on employment continues to diminish. According to the latest U.S. Bureau of Labor Statistics monthly reports, Rutherford County's Unemployment Rate in June was down slightly to 12.1%, and improvement over April's peak (16.7%) and May (12.6%), but still considerably higher than the pre-pandemic rate of 2.4%. We've experienced one of the largest impacts on employment statewide, largely due to Nissan, but the local real estate market continues to boom despite that, mostly due to the historically low Mortgage Interest Rates. Just last week we had a client get a 2.69% interest rate on a 30-year fixed mortgage! Take a look at this breakdown from Freddie Mac on how much the Interest Rate effects Mortgage Payments, which is really a more important factor than price when buying real estate. Last week's average rate was 2.99% of a 30-year fixed!
Why are there holes in my brick?
Masonry is porous. Moisture often penetrates the surface and siding junctions. The small vertical slots near the bottom of brick walls are called weep holes, and they are there to allow moisture from condensation to drain out of the wall and air to circulate. Therefore, weep holes are a good thing. Don't weep about weep holes!
Real Estate Tip: How To Pick Out Brick
Picking out brick for your new home? 🧱 Here's a quick tip to make sure you end up with what you really want!
July 2020 RuCo Real Estate Market Update
While our neighbors in RuCo's surrounding counties are trailing about a month behind in their recovery from COVID-19 impact on their markets, Rutherford County experienced a record month in June 2020. Read on for a more in-depth look at the June 2020 Rutherford County real estate data. While May's data told us we were on the road to a swift market recovery in Rutherford County (Pendings +41.58, Closings -16.33%), June's stats paint a picture of a market flourishing despite the ongoing impact of COVID-19. In June we saw a +30.11% increase in Pendings, and as predicted Closings finally rebounded at +14.54%. It appears our friends in Williamson County are in the a similar position to what we were this time last month with Pending Sales being +43.75% while Closings are still -15.29%. We expect they'll finally be in the positive next month in both categories. Meanwhile, Davidson County still hovers in the balance at +20.91% Pendings, but -15.29% Closings. That should mean they'll be back to average next month, but do consider we were all on track for banner years pre-virus. Regarding Supply, quite frankly there has never been a better time to be a seller in our area. Inventory is at an all time low, down -24.22% from last June and -16.23% from May 2020. In the the sub-$300K price ranges Supply is at less than 30-Days, and the Seller's market continues through pretty much every price range until it becomes Balanced at $600-700K. We even saw a huge move last month in the $700K+ range, where Supply went from 8.61 months to 5.54. That's notable considering last June there was over a year's supply of $700K+ homes. See more on that data at www.murfreesborohomesonline.com/data