Despite the COVID-19 pandemic and the economic uncertainties it has brought, the housing market in Rutherford County is heating up. In fact, some local realtors say some homes placed on the market are receiving offers within hours.

“It is the hottest market I have seen, probably since 2005,” said David Eaker of Matheny Real Estate.

David Eaker, Matheny Real Estate

Low interest rates, and a tight inventory of homes available for sale are among the major reasons, realtors say.

“With a mortgage rate of 2.5% or 3%, a lot of people who are renting are now considering buying,” Eaker said. “For some, it makes more sense to be making a mortgage payment instead of a high rent payment.”

While the housing inventory is tight across the board, realtors say the shortage is greatest for homes in the $100,000-$125,000 range.

“It is certainly a seller’s market, right up to the $200,000 range,” Eaker said. “But there really is a shortage of homes for sale across the board.”

The market boom isn’t just in Rutherford County. People who may first have looked at the Asheville or Hendersonville areas, are turning toward Rutherford County due to lower prices.

Realtors say it is not just current Rutherford County residents looking to purchase a house here. People are choosing to move to Rutherford County from places like Ohio, Michigan, and throughout the northeast.

Being rural and somewhat isolated helps make Rutherford County attractive to those from out-of-state, perhaps more so now during the pandemic.

Even with a shortage of houses available for sale, the realtors say people shouldn’t give up on home ownership.

“With interest rates low, purchasing a home can be one of the best investments a person can make,” Eaker said. “No two people are in exactly the same situation. But if you feel good about your financial situation, interest rates are low which is good for homebuyers.”