Steven Dotson, President of Red Realty in Murfreesboro says that strong home sales are continuing in Rutherford County:

The headliner story continues to be the shortage of inventory (4% lower than 2015) and higher prices (8% higher than 2015). We see closings starting to level out with prices continuing to move upwards and inventories continue to decrease. We may start to see the sales volumes affected because the buyers are not willing to buy the inventory that is on the market for sale. So, if you have a home you are thinking about selling, now is a great time to sell it. It's the simple supply and demand equation we all learned in middle school. Higher Demand + Lower Supply = Higher Prices

Everyone is asking how long this will last. We all know nothing last forever in the real-estate world, but how in the world are we going to build our way out of this low inventory. The problem is the inventory issue continues to decrease even though it appears houses are being built everywhere on every lot that is developed. I think we got so far behind during the recession with so many buyers sitting on the fence waiting for a better job, job promotion or just a better economy that we are still catching up for the many years that we were in the recession with almost no activity. So, my answer is I have absolutely no idea how much longer this seller's market will last, but I do know it will continue until the inventory increases. Will that take 2 years or beyond 5 years? Who knows. It is pretty crazy right now with multiple offers going over fully price daily, but it will calm down at some point, we just don't know when. It does appear that this year is going to see the regular seasonal ups/downs that we usually see so as we head into Fall/Winter, activity will level off a little bit.

Source:

Steven Dotson
President of Red Realty
522 Uptown Square
Murfreesboro, TN 37129
Direct: 615-896-1400 Office: 615-896-2733
www.RedRealty.com