At this point in the year, we are getting a good sense for how the housing market is likely to perform for the foreseeable future. Although it is not a particularly exciting forecast, it is a desirable one. Markets across the country are regulating toward a middle ground between buyers and sellers. While it
remains true that sales prices are running higher and that inventory options are relatively low, buyers are beginning to find wiggle room at some price points and geographies.
An extended trend of low unemployment, higher wages, and favorable mortgage rates have been terrific drivers of housing stability in recent years. What is different about this year so far is that prices are not rising as quickly. Some of the hottest Western markets are even cooling slightly, while some Northeast markets are achieving a state of recovery after a decade of battling back from recession. As a whole, the selling season is looking fairly stable across the nation.
In the Greater Chattanooga area, New Listings increased 7.7 percent to 1,428. Pending Sales were up 18.8 percent to 1,156. Inventory levels shrank 0.7 percent to 2,680 units. Prices continued to gain traction. The Median Sales Price increased 10.8 percent to $205,000. Days on Market was down 12.2 percent to 43 days. Sellers were encouraged as Months Supply of Inventory was down 6.1 percent
to 3.1 months.
The housing market is always subject to change, so seeking the expertise of a Realtor will ensure homebuyers and sellers know all of the information available to them. That’s who we R®.