Rutherford County Market Update August 26, 2024

Here is your weekly housing update for August 26th 2024 for Rutherford County including Murfreesboro, Smyrna, Laverne, and the metropolis of Eagleville. Hi, I’m John Turner with the Turner Victory Team at Onward Real Estate.

Once again, this week we saw inventory levels climb to 1,162 available units which is our highest number since October of 2022. This means there's more competition for sellers but there are more opportunities for buyers.

We had 107 homes go under contract which is down from 111 units last week and lower than the 131 units from this time last year. We have definitely seen pending home sales lower for the past two or three months than what they were for the same period last year.

Let's briefly talk mortgage rates. As you may have heard, last week the Fed indicated they would be lowering interest rates. These interest rates they are referring to are not mortgage rates, the interest rates at which banks loan each other money. However, much of the same data that the federal government is looking at is the same data that affects mortgage rates. As a matter of fact, mortgage rates have been coming down for the past several months as they reached their peak in October of 2023 and most of the mortgage rates are already counting on The Fed reducing the interest rates in September and have been reacting this way over the past several weeks.

With that said, most of your national averages with interest rates range from upper 5% to the lower 6%.

If you have been sitting on the sidelines waiting for interest rates to drop and or waiting for more housing inventory, maybe it's time we sit down and talk about your real estate goals.

This is John Turner with the Turner Victory Team at Onward Real Estate. Please reach out to myself or any of the Turner Victory Team members if you would like more information on how these numbers impact you.