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Year-End Market Stats + 2024 Predictions

Here’s a breakdown of our local Rutherford County real estate market as we wrap up 2023 and look ahead to what 2024 might have in store. We closed the year with 5,723 total closed transactions, reflecting a 12.67% decrease from 2022. Average days on the market increased from 11 to 29, indicating a shift in the pace of sales. Despite the decline in sales, home prices remained stable with only a marginal decrease of $2 in the median price per square foot over the last twelve months. Read on for an in-depth look at the most current local market stats, year-end data and my predictions for 2024! 

December Market Stats:

In December 2023, we saw a promising increase in home sales compared to the previous December. Most notably a surge in pending contracts, marking a significant 29.86% rise from the same period last year. This uptick can be attributed, in part, to the recent decrease in interest rates. However, the persistent challenge remains – low inventory, down by 16% from December 2022 and a current 2.65-month supply of homes.

The real challenge seems to lie in the scarcity of inventory rather than a decline in demand. A more balanced supply-demand ratio could potentially lead to increased sales. However, given the current scenario, it’s clear that the market is favoring sellers due to limited options for buyers.

2024 Predictions:

Looking ahead, my prediction for 2024 hinges on the trajectory of interest rates. If rates continue to ease down, settling between 5.5% to 5.85%, we’ll likely see a robust buyer’s market this spring. This, in turn, might exert upward pressure on home prices. Of course, external factors beyond our control could influence this forecast, but the signs are optimistic.

As we close out 2023, the housing market in Rutherford County is marked by increasingly favorable interest rates, positive sales trends, and stable prices. While the major challenge for buyers remains an inventory shortage, which doesn’t show signs of improving in the near future. Despite that, the local real estate market has shown resilience and is poised to regain steam as we head into the traditional spring/summer peak seasons.

Market Share & Productivity:

I do want to take a moment to thank our clients for another great year! We had a great turnout this past weekend at our annual Free Movie Day event (recap video here) and we’re hard at work planning our spring/summer events. In 2023, our boutique brokerage of only 19 agents was able to again strengthen our market share, ranking fourth in the county against brokerages of 100+ agents. Our per-agent production was triple the closest competition, but more importantly client satisfaction was also at an all-time high. Thank you for your continued referrals and reviews! We’re fortunate to have an unbeatable team of professionals offering unparalleled service, maximum exposure, and expert knowledge. I really couldn’t ask for a better group to serve our clients. We’re truly blessed.

If you are interested in staying informed about what is happening in the local Rutherford County real estate market going forward, please consider following @murfreesbororealestate on InstagramTikTok & YouTube for more on market conditions and numerous other real estate topics. 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. 

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John Jones

During his 30 years in real estate, John has helped more than 7,500 families handle their real estate needs. Nobody has sold more homes in Rutherford County than John and there is not even a close second. Before opening his own brokerage, John Jones was a perennial top producer for Coldwell Banker from 1998 to 2008, consistently ranking among the top 1% of agents in the nation. In October of 2008, John realized his vision of a small boutique real estate firm that offers the best in customer service, market knowledge, wealth building opportunities, and innovative techniques that get homes sold. Offering several revolutionary programs to his clients such as the Guaranteed Sale Program, Instant Offer, and the Fixer-Upper program, John and his team continue to perennially set production records, with 560 units sold and over $185,000,000 in volume in 2020. Those numbers again put the company's agent average at the top of both the Rutherford County and greater Nashville rankings.

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