Markets can feel confusing when national headlines point one way and your local experience feels another. That is why this monthly snapshot matters. It highlights what is changing in the Chattanooga region, including how much is coming to market, how quickly buyers are moving, and how pricing is holding up. With the data that is provided in this report from the National Association of REALTORS®, is able to gives consumers and REALTORS® a clear set of guidelines to use when making real estate decisions this month.
U.S. existing-home sales fell 3.6% month-over-month and 1.0% year-over-year to a seasonally adjusted annual rate of 3.98 million, according to the NAR, as tight supply and ongoing affordability challenges constrained activity. Sales declined month-over-month in all four regions. Year-over-year, sales increased in the South and West but fell in the Midwest and Northeast.
New Listings in the Chattanooga region increased 19.9 percent to 1,744. Pending Sales increased 8.6 percent to 1,056. Inventory increased 28.7 percent to 3,856.
Median Sales Price increased 3.0 percent from $330,000 to $340,000. Days on Market increased 17.4 percent to 54. Months Supply of Inventory increased 22.9 percent to 4.3.
Nationally, the median existing-home price rose 1.4% from a year earlier to $408,800, marking the 33rd consecutive month of year-over-year price increases as limited inventory continued to put upward pressure on prices, NAR said. There were 1.36 million homes for sale heading into April, up 2.3% from a year earlier, representing a 4.1-month supply at the current sales pace.
The takeaway this month is that small shifts matter. More choice and a slower pace can change negotiations and timing. Buyers should stay focused on budget and priorities, and sellers should lean on thoughtful preparation and pricing guidance from a local Realtor based on recent sales and current market conditions #That'sWhoWeR
Greater Chattanooga REALTORS® is The Voice of Real Estate in Greater Chattanooga. A regional organization with nearly 3,000 members, Greater Chattanooga Realtors is one of some 1,200 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors service Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade, and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call 423.698.8001