Real estate market changes quietly at first, which is why it pays to watch the signals. Slightly more choices for buyers, a little more time to make decisions, and increased negotiating room can reshape the buying or selling experience from one week to the next. This monthly snapshot, provided through the National Association of REALTORS® (NAR), captures what is shifting in the Chattanooga region so buyers, sellers, and REALTORS® can plan with confidence and clearer expectations.
U.S. existing-home sales unexpectedly rose 1.7% month-over-month to a seasonally adjusted annual rate of 4.09 million, as lower mortgage rates helped boost buyer activity, according to NAR. Monthly sales increased in the Midwest, South, and West but decreased in the Northeast. Sales increased year-over-year in the South, but fell in the Northeast, Midwest, and West.
New Listings in the Chattanooga region increased 8.9 percent to 1,565. Pending Sales increased 5.9 percent to 1,132. Inventory increased 21.8 percent to 3,506.
Median Sales Price increased 2.5 percent from $332,000 to $340,250. Days on Market increased 28.0 percent to 64. Months Supply of Inventory increased 17.6 percent to 4.0.
Data from NAR show that inventory continued to grow nationwide, ticking up 2.4% month-over-month and 4.9% year-over-year to 1.29 million units heading into March, representing a 3.8-month supply at the current sales pace. Meanwhile, home prices increased for the 32nd consecutive month, climbing 0.3% year-over-year to $398,000.
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