May gave us a market with more room to breathe. More homes came on the market, inventory continued to grow, and pending sales showed that buyers were still active. That combination matters. It means the Chattanooga region is not standing still, but it is also not moving at the same rushed pace many people remember from a few years ago. The latest report from the National Association of REALTORS® helps frame the national picture, while our local numbers show what buyers and sellers are experiencing here at home.
New Listings in the Chattanooga region increased 10.7 percent to 1,603. Pending Sales increased 21.1 percent to 1,108. Inventory increased 26.2 percent to 3,944.
Median Sales Price increased 4.5 percent from $342,478 to $358,000. Days on Market increased 15.9 percent to 51. Months Supply of Inventory increased 18.9 percent to 4.4.
National inventory climbed 5.8% month-over-month and 1.4% year-over- year, with approximately 1.47 million properties listed for sale heading into May, NAR reported. At the current sales pace, that represents a 4.4-month supply, reflecting a modest improvement in inventory conditions compared to a year earlier. Homes spent a median of 32 days on the market, down from 41 days the previous month, while the median existing-home price increased to $417,700, up 0.9% from a year ago.
May’s numbers point to more choices for buyers and a little more space to compare options before making a decision. For sellers, the numbers are a reminder that price, condition, and presentation still carry weight. Homes are selling, but today’s buyers are paying attention. Whether you are planning to buy, sell, or simply understand what your home may be worth, a local REALTOR® can help you read the data in context and make a plan that fits your next move. #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