In August, the Rutherford County housing market saw a slight slowdown in transactions compared to last year. However, shrinking inventory is causing prices to continue trending upward. We’re currently only 4.4% off the record number ($225 Median Sale Price Per Sq.Ft.) posted last summer. If rates continue to ease back down, we foresee a surge in market activity causing local home prices to quickly skyrocket to new heights. Read on for our in-depth look at the most current local market statistics.
Last month we saw closings fall by 8.51% compared to last August. Pendings, which refer to properties under contract but not yet closed, have also seen a similar decrease. Contracts were down 9.82% from the same period last year and 8.38% from July. We’ve now seen five consecutive months of decline in pendings. These two metrics together suggest a slowdown in market activity despite immense buyer demand, likely due to peaking interest rates.
Despite the decline in closings and pendings, the median sales price per square foot is actually up month over month, now at $215. This only -1.38% off last August and -4.4% off the record of $225 we saw in June 2022. This means that home prices have remained relatively stable over the past year. It’s a piece of positive news for homeowners and potential sellers, indicating that the market hasn’t seen a significant drop in property values amidst volatile mortgage interest rates.
The most crucial indicator in the current Rutherford County housing market is the inventory, or lack thereof, currently sitting at a 2.32 months supply of homes. This figure is critical because it represents how long it would take to sell all the homes currently on the market at the current rate of sales. In a balanced market, a 4-6 month supply is typical. With only 2.3 months of supply, Rutherford County remains in a strong seller’s market. All signs suggest that when interest rates dip a percentage point, whether it be this year or next, pent up buyer demand will again fuel historic price appreciation in short order.
Keep in mind that the real estate market is constantly changing, so staying informed about data and trends will help you make informed decisions on your housing journey. Whether you’re looking to buy a home at a stable price or considering when to sell your property, these insights provide valuable guidance. We’ll be back next month with more. In the meantime, we invite you to stay informed about local real estate trends. Please consider following @murfreesbororealestate on Instagram, TikTok & YouTube. As always, 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.
