The May housing numbers are in for Rutherford County, and it looks like we’re seeing a similar trend as last month. Closed sales were down by 20 percent compared to the previous year in May, similar to what we saw the month prior. However, the good news is that pending sales only dropped by five percent compared to last May. Here’s what’s interesting: despite the lower number of sales, inventory isn’t really improving. Read on for a more in-depth look at the most current local market data.
The housing market in Rutherford County is experiencing fewer transactions compared to the same period last year. However, the shrinking inventory suggests strong buyer demand. Traditional home sellers, who would typically move up or down in a normal market, are staying put, likely due to the reluctance to give up lower-rate mortgages for higher-rate ones. Here’s a few highlights of this month’s local market comparison.
- Sales: In May, closed sales were down 20 percent compared to the previous year, similar to April’s figures.
- Pending Sales: The number of pending sales showed a smaller decline, down only five percent from May of the previous year.
- Inventory: Despite lower sales, the inventory continues to shrink, down by 10 percent compared to the previous month.
- Median Price per Square Foot: A notable observation is the increase in median price per square foot, which rose from $211 to $213. Last year, in June 2022, the peak price reached $225, while it dropped to $205 in December.
- Absorption Rates: Absorption rates have decreased from 2.5 months to 2.3 months, indicating that it is still a seller’s market.
What’s the big picture? Well, the big story is we’re seeing fewer transactions compared to last year, but inventory is still shrinking. The continued demand from buyers is causing values to keep trending back upward, as is typical in a seller’s market. It remains a fantastic time to sell a home, but it’s crucial you work with an agent who truly understands the local real estate market. This will ensure that you not only get top dollar for your current home, but that you also have more options on the buying end when it comes to off-market homes, negotiations, and financing options.
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.
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This is always fascinating information. I would add that downsizing is particularly difficult in this market as prices at the bottom of the market came up much faster than the mid market.