The real estate market in the Chattanooga region is displaying a dynamic shift as we analyze the latest data from the National Association of Realtors (NAR) for June 2024. Understanding these trends is crucial for navigating the current landscape. Traditionally, the summer months witness a surge in housing activity, and this year, it looks to be staying on this trend. From increased inventory levels to median sales prices, the data reveals significant activity impacting buyers and sellers.
U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the NAR, sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
New Listings in the Chattanooga region increased 5.6 percent to 1,322. Pending Sales were down 1.8 percent to 906. Inventory levels grew 24.5 percent to 2,545 units
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Prices continued to gain traction. The Median Sales Price increased 3.5 percent to $346,625. Days on Market was up 16.7 percent to 35 days. Buyers felt empowered as Months Supply of Inventory was up 30.4 percent to 3.0 months.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
As we look ahead, the Chattanooga housing market continues to evolve with significant changes in inventory, pricing, and sales activity. Staying informed and reaching out to a Realtor about these trends is essential for making strategic decisions. The increase in inventory and longer days on the market may offer some relief for buyers. At the same time, rising prices and slightly reduced sales activity indicate a market that is adjusting to current economic conditions. By working with a Realtor who is keeping a close eye on these developments, both buyers and sellers can feel confident about navigating the complexities of the real estate market in the months to come. That's Who We R®.