Rutherford County’s June 2023 data indicates a relatively stable real estate market. Compared to last year, closed sales were down by only 11%, while pending contracts increased by 3%. Inventory levels saw a slight rise, but overall remain low, with just 811 homes for sale. Read on for our comprehensive overview of the most current local market data.
In June, we saw a decrease of 11% in closed sales compared to the same period last year. Meanwhile, pending contracts actually showed a 3% increase compared to last year. This tells us that there’s still a healthy level of activity and interest in the Rutherford County real estate market.
Inventory saw a slight increase over the previous month, with a rise of a couple of percentage points. This marks the first month in several months where we’ve seen an uptick in inventory. However, it’s essential to keep in mind that inventory remains extremely low, with only 811 homes currently available for sale in the county.
Despite the low inventory, buyer demand in Rutherford County remains robust. In fact, the supply of homes decreased from 2.3 months to just 2.04 months, showing that buyers are still actively seeking properties in the area. This means the market remains particularly favorable for sellers.
Median price per square foot, which reached its all-time peak of $225 in June last year, experienced a decline in recent months. In December, it dropped to as low as $205. However, there has been a gradual recovery since then, with last month’s median price per square foot standing at $213. In June, the figure dipped slightly to $211, representing a 6.2% decrease from the peak price. Despite this slight decline, prices remain relatively stable.
Overall, the June sales data for Rutherford County reveals a stable real estate market. While closing sales experienced a modest decline of 11%, pending contracts showed a 3% increase. Inventory levels have seen a slight rise, albeit from a low base, and buyer demand remains strong. Median price per square foot has been relatively steady. As we move forward, it’s important to monitor factors such as mortgage rates and inflation, which could influence the market dynamics.
If you’d like to stay informed about local real estate trends, consider following @murfreesbororealestate on Instagram, TikTok & YouTube. If you need any assistance, you can always contact John Jones Real Estate at 615-867-3020 to put our LOCAL market expertise to work for you. It would be our pleasure to serve you.
