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May 16, 2024

2024 April’s Market Report

The Greater Chattanooga area has shown a robust performance in April’s real estate market. The National Association (NAR) reports that supply and demand are still affecting our local market with an increase in homes sold in April despite increased home sales prices.
Overall, the U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the NAR, as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.
New Listings in the Chattanooga region increased 25.5 percent to 1,354. Pending Sales were up 13.0 percent to 1,067. Inventory levels grew 22.6 percent to 2,149 units.
Prices continued to gain traction. The Median Sales Price increased 7.5 percent to $322,500. Days on Market was up 2.8 percent to 37 days. Buyers felt empowered as Months Supply of Inventory was up 31.6 percent to 2.5 months.
Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on the market nationwide, down from 38 days the month before.
With demand still high, and home prices rising, the time to sell in the Chattanooga area is still favorable for those looking to put their home on the market. I urge those who are on the fence to contact a local Realtor to discuss the pros and cons that best fit you or your family’s needs.
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