As the seasons shift, so does the housing market, with recent trends revealing encouraging signs of growth and stability. The National Association of Realtors (NAR) reports gains in home sales and inventory levels, marking a significant shift after a challenging period for the market. Locally, Chattanooga continues to reflect these positive trends, showcasing a dynamic and resilient real estate landscape.
U.S. existing-home sales rose 3.4% month-over-month and 2.9% year- over- year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
New Listings in the Chattanooga region increased 4.2 percent to 1,001. Pending Sales increased 16.4 percent to 781. Inventory increased 35.1 percent to 2,909.
Median Sales Price increased 9.5 percent from $306,000 to $335,000. Days on Market increased 10.0 percent to 44.
The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.
As we move toward the end of the year, the Chattanooga housing market remains vibrant, with opportunities for both buyers and sellers. Whether you’re considering purchasing a home or selling your current one, the local market trends indicate a solid foundation for real estate activity. Staying informed about these trends is key to making the most of the current market conditions. For more insights or guidance, be sure to reach out to a trusted Realtor. #ThatsWhoWeR
Founded in 1912, Greater Chattanooga REALTORS® is the voice for real estate in Greater Chattanooga. A regional organization with more than 2,700 members, Greater Chattanooga REALTORS® serves Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade, and Walker counties in northwest Georgia. The Association is one of approximately 1,100 local associations/board of REALTORS® nationwide that comprise the National Association of REALTORS®. Greater Chattanooga REALTORS® owns and operates a Multiple Listing Service (MLS), which is one of approximately 600 MLSs in the country and services more than 3,000 MLS users. Local Association membership is comprised of REALTORS® servicing the Greater Chattanooga area and specializing in a variety of disciplines – appraisal, commercial, industrial, land, multi-family, property management and residential. Working alongside REALTORS® are our Affiliate members, who represent related industries in sympathy with the objectives of the Association. Our Affiliate members include mortgage lenders, home inspectors, title and closing services, pest inspection and control and insurance.