This August, Closed Sales in Rutherford County were down -3.27% from August 2020. Pendings were down -2.41%, Inventory was down -34.98%, but up +4.98% from the previous month, making three straight months of modest Inventoryimprovements in our local market. Read on for our in-depth look at the latest local market data.
This month the across the board RED we saw in Listings Contracted in our comparisons of the July data translated to across the board RED in Listings Closed in August.
This August Listings Contracted, which were down -11.77% month-to-month in July, were up +16.07%. Listings Closed were down -1.41% from July, where they had jumped +12.07% from June 2021. Median List Price was again up over 20%, for the fifth consecutive month compared to 2020 numbers. But only up +10.25% from last month, where we had seen a -5.25% decline the month prior. Median Sale Price, which was down last month -3.55%, jumped back up +4.88%, but sales prices overall are still up +23.93% from this period last year.
Inventory again improved for the third consecutive month, this time +4.98% from the month prior. However, Daily Average Inventory is still down -34.98% from last year. The good news is that Average Daily Inventory continues to improve, now sitting at a new best for 2021.
Mortgage Interest Rates have stabilized over the past month, now at an average 2.87% (30-Yr Fixed Rate Mortgage) and the average 15-year FRM currently sits at 2.18%, just above last month’s historic low of 2.1%.
Supply was perhaps the most interesting data set this month. Despite modest Inventory improvements, buyer demand continues to push Supply deeper into a Seller’s Market. Currently all but the luxury price range are below a month’s supply of homes. In fact, every price range below $700K+ saw significant drops over the past month, the first time we’ve ever seen that happen across all the sub-$700K prices ranges.
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.