January 2008 Wrap-up

Currently, there are 970 houses on the market. In the 12 months leading up to January 2008, 2,126 houses closed in Murfreesboro. That is a monthly absorption rate of 177 houses and an inventory of 5.5 months. In the last three months, 257 houses closed for a monthly absorption rate of 86 houses and an inventory of 11.3 months. Clearly, the market is slowing down, but that is normal for this time of year.

The average house that sold over the past 12 months was a 3 bedroom, 1 bath, 1,179 sf., $99,151 house. The average house that sold over the past three months was a 3 bedroom, 2 bath, 1,734 sf., $156,638 house. It appears that the trend is to buy larger houses.