The Chattanooga housing market continues to shift, giving buyers more options while sellers adjust to a slower pace. According to the latest data from the National Association of REALTORS® (NAR), October brought more inventory, longer days on market, and fewer pending sales locally, while home prices remained slightly higher than a year ago.
U.S. existing-home sales rose 1.5 percent from August and fell 2.2 percent from a year earlier in September, to a seasonally adjusted annual rate of 3.99 million, according to the NAR. Sales increased in the South and the West, held steady in the Midwest, and declined in the Northeast. Compared with a year earlier, sales declined in all four regions. August and September were the two slowest months for home sales this year, NAR Chief Economist Lawrence Yun said.
New Listings in the Chattanooga region decreased 0.9m percent to 1,335. Pending Sales decreased 14.0 percent to 738. Inventory increased 17.3 percent to 4,210.
Median Sales Price increased 1.5 percent from $330,000 to $335,000. Days on Market increased 14.3 percent to 56. Months Supply of Inventory increased 11.9 percent to 4.7.
Heading into October, 1.60 million homes were listed for sale, up 1.9 percent from the previous month and 4.6 percent from a year earlier, according to NAR. Unsold inventory was a 4.8-month supply, unchanged from August and up from a 4.5-month supply a year earlier. The median existing-home sales price was $417,500, up 1.3 percent from $412,300 a year earlier. That marked the 39th consecutive month of year-over-year price gains.
As the market continues to adjust, having a clear understanding of local trends is more important than ever. Whether you are buying or selling, a local REALTOR® can help you make sense of the numbers, understand what they mean for your goals, and navigate the market with confidence. #That'sWhoWeR
Founded in 1912, Greater Chattanooga REALTORS® is a regional organization with more than 3,000 members and MLS users servicing Bledsoe, Bradley, Hamilton, McMinn, Meigs, Polk, Rhea, and Sequatchie counties in southeast Tennessee and Catoosa, Dade, and Walker counties in northwest Georgia. For more information, visit https://www.gcar.net/ or call 423.698.8001