The latest data is here and home prices in Rutherford County are beginning to trend back up. Meanwhile, Contracts also trended up sharply with a +16.67% jump from last January and a huge +72.49% spike from the previous month. All this despite rates currently sitting at an average of 6.09%, compared to January 2022’s 3.55% (30-Yr FRM). However, much of the spike in Contracts is due to the local real estate market now having Inventory to sell, with Average Daily Inventory now up +149% over last January. Read on for our in-depth look at the January 2023 local market statistics.
In January, Closings were down -35.39% from last January and down -26.98% from December. As previously mentioned, the number we’re watching most closely is Pendings, as Mortgage Interest Rates have now improved almost a point from the November peak of 7.08% (30-Yr FRM). The housing demand in Rutherford County remains strong and the interest rate improvements are beginning to bring many buyers back into the market. This is resulting in increased buyer competition and in turn causing the three-month market softening to begin trending back up. Currently, Median Price Per Sq.Ft. is at $208, four dollars higher than February 2022. So for now the local market is perhaps on the cusp of taking back off into the frenzy we experienced in the spring and summer of last year.
Where Mortgage Interest Rates go from here continues to be the biggest question in real estate markets nationwide, with experts predicting rates to continue coming down as we get into spring. But with the White House and Federal Reserve at odds on our economic vitality, it’s impossible to say for certain where we’re headed. What I can say without a doubt is, we’re still operating in a market that is teetering on the edge and there is no one better than our team at John Jones Real Estate to help buyers looking to find a new home in a what remains a difficult market, or sellers wanting to sell faster & for more money! Give us a call at 615-867-3020 and put John Jones Real Estate’s LOCAL market expertise to work for you. It would be our pleasure to serve you.
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