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June 17, 2024

May 2024 Housing Market Statistics

The Greater Chattanooga area is experiencing a thriving real estate market this May, showcasing significant growth and dynamic changes. According to the latest data from the National Association of Realtors (NAR), the local market continues to be influenced by the interplay of supply and demand, with an increase in home sales despite rising prices. This robust performance highlights this area's resilience and attractiveness, even as broader national trends show a slight cooling in existing home sales due to higher interest rates and escalating prices.

According to NAR, U.S. existing-home sales fell for the second month in a row, sliding 1.9% month over month and 1.9% year over year. Sales were down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.

New Listings in the Chattanooga region increased 25.0 percent to 1,466. Pending Sales were up 13.1 percent to 986. Inventory levels grew 28.4 percent to 2,398 units.

Prices continued to gain traction. The Median Sales Price increased 7.2 percent to $344,000. Days on Market were down 17.1 percent to 29 days. Buyers felt empowered as Months Supply of Inventory was up 33.3 percent to 2.8 months.

Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month, and a 16.3% increase year-over-year, for a 3.5 month’s supply at the current sales pace.

As we move further into the year, the real estate landscape in the Greater Chattanooga area is expected to remain dynamic. Buyers should stay prepared for competitive conditions, while sellers can take advantage of the strong market demand. It’s essential for both buyers and sellers to stay informed and work closely with a knowledgeable Realtor who can provide expert guidance tailored to their specific circumstances. Whether you're looking to buy your dream home or sell your current property, understanding the latest market trends and conditions will be crucial for making informed decisions in the months ahead. That’s Who We R®.