I have not found a solution to the problem, however someone did already ask about the same problem a few days ago - (Rails Server Keeps Exiting (SocketError))
After
For any future users who run into this issue I was able to solve it by adding the following at the end of my private/etc/hosts file.
private/etc/hosts
127.0.0.1 YOURNAME-MacBook-Pro.local
Update YOURNAME-MacBook-Pro to whatever the name of your machine is and hopefully you'll be all set.
YOURNAME-MacBook-Pro