Published July 29, 2024
Rutherford County Market Update July 29, 2024
Hey everybody! I would like to welcome you in today.
This is something that I have been doing over the past
couple of years. Every Sunday night or Monday morning I've been pulling the
weekly stats for the Rutherford County housing market. Really just looking for
trends and paying real close attention to what's going on in the housing market.
I've been sharing this with a lot of my realtor friends and they've been able
to use those to help their clients understand the market.
We are starting something today. I really thought that I
should be sharing it with all of you, so that's what we're going to do. I will start
shooting video trying to keep it to minute or less. I'll bring you up to date
on the past week’s real estate market. On the social media platforms that allow
me to, we will link this information there so it's a little bit easier for you
to digest.
The reason why we do
this is we want to be at the forefront of any trends. Obviously one week does
not make a trend, but as we start to look at things and we notice things are
changing that helps us better educate our clients.
So here we go! Let's jump into this week's Rutherford County
housing stats. This is for July 29th 2024. It’s hard to believe we're right
here at the end of the summer.
Just another little education point. What that means is if
we brought no more listings on the market it would take us 2.39 months to eat
through all that inventory. A healthy market, a balanced market is somewhere
around 5 to 6 months supply of home. We are still in a seller’s market, but it
does not feel that way because we have come out of an extreme seller’s market.
A couple thing of note, our supply is continuing to rise. Just
2 or 3 months ago there were less than 900 available units. Our pending home
sale, we’ve been watching this very closely. They have been trending much lower than we
were this time last year. For about the past 12 weeks we’ve been somewhere
around 40 units per week less than 2023.I do have a little theory on this. I
believe that a lot of people are kind of sitting on the sideline. There's a lot
of talk that mortgage rates may be easing a little bit and I think a lot of
people might be waiting on that to happen.
With that info, we will go to the news from last week. The
inflation reports came out and they hit where most people were expecting. So, there's
a lot of chatter that there will be interest rates cut by the FED. These are
not mortgage rate cuts, but they do go hand in hand. This information has really helped out the
mortgage rates and we are expecting that trend to continue, slowly continue, to
drop over the next several months. My crystal ball is cracked, I've missed a
lot of predictions, so take that for what it's worth.
Thanks for joining us this week. Hopefully you'll join us
every week. If the social media platform you're looking at this on, like
YouTube, please click subscribe. That will help us out and it will allow you to
stay up to date on these Rutherford County housing trends. We look forward to
bringing them to you every week.
Thank you for joining us.
