July 2021 Local Housing Market Statistics

Summer is starting to wind down, and schools are beginning in their different capacities, but don’t think the housing market has slowed down. On the contrary, while the national economy is still in the recovery stage of being impacted by COVID-19, the housing market remains as fast as ever.

Realtors like me knew that July was a scorching month in real estate, and the July Housing Market data certainly has backed that up. Nationally, the National Association of REALTORS®(NAR) reported that the inventory of homes for sale nationwide rose slightly in June as more sellers list their homes, hoping to take advantage of record-high sales prices across the country. However, even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago, according to NAR.

And those in the mortgage industry have certainly been keeping busy as well, with the White House announcing additional measures to help struggling homeowners avoid foreclosure as they exit forbearance, including loan modifications and payment reductions. Borrowers with federally backed mortgages can now lock in lower interest rates and extend the length of their mortgages. In addition, for borrowers who can’t resume their monthly mortgage, HUD will offer lenders the ability to provide all eligible borrowers with a 25% principal and interest reduction.

Locally, New Listings in the Chattanooga region increased 30.2% over July 2020 to 1,594. Pending Sales were up 10.8% to 1,311. Inventory levels shrank 35.2% to 1,230 units. Prices continued to gain traction. The Median Sales Price increased 14.1% to $265,000. Days on Market, the average amount of time that a property is on the market before it’s under contract, was down 62.8% from July 2020 to only 16 days. Sellers were encouraged as Months Supply of Inventory was down 40.0% to 1.2 months.

The market remains hot with little sign of cooling off anytime soon. The need to use a Realtor to help navigate this fast market remains. Whether you’re looking to buy or sell a home, a Realtor will make sure to guide you every step of the way. Realtors serve the housing needs of our community every day. That’s Who We R®.