February 2008 Wrap-up

There are currently 970 houses on the market in Murfreesboro. In the 12 months leading up to February 2008, 2029 houses in Murfreesboro sold for a monthly absorption rate of 169 houses and an inventory of 5.7 months. In the past 3 months, 333 houses sold for a monthly absorption rate of 111 houses and an inventory of 8.7 months. Clearly, the housing market has slowed down, as it usually does this time of the year, but more houses sold in February than in January.

The average house that sold over the past 12 months is a 3 bedroom, 1 bath, 1,194 sf., $101,096 house. The average house that sold over the past 3 months is a 3 bedroom, 2 bath, 1,771 sf., $162,260 house. The size of the average house sold this month was a little larger than that sold last month and could account for the price increase. However, I would not rule out a slight increase in the cost of an average house.

New construction is underway again in Murfreesboro and I believe this is a sign of the expectation that the market will pick up. More inventory also means lower prices and pair that with lower interest rates, NOW is the time to buy!