The latest housing data for September shows a market that remains steady overall, with year-over-year gains in inventory and home prices continuing across the Chattanooga region. According to the National Association of Realtors (NAR), most national transactions last month reflect contracts signed earlier in the summer, when mortgage rates were slightly higher. Locally, we saw a slight dip in closed and pending sales, along with a slightly longer time of homes on the market, signs of a market adjusting to seasonal trends. Still, strong price growth and rising inventory suggest continued opportunities for both buyers and sellers this fall.
U.S. existing-home sales were virtually unchanged from the previous month, dipping just 0.2% to a seasonally adjusted annual rate of 4.0 million units, according to NAR. Most of these transactions went under contract in June and July, when mortgage rates were 40 to 50 basis points higher than current levels. Year-over-year, sales increased 1.8%, with the strongest activity occurring in the Midwest, where the typical home price is 22% below the national median.
New Listings in the Chattanooga region increased 4.6 percent to 1,321. Pending Sales decreased 0.9 percent to 853. Inventory increased 21.4 percent to 3,574.
Median Sales Price increased 7.2 percent from $319,000 to $341,825. Days on Market increased 11.9 percent to 47. Months Supply of Inventory increased 17.1 percent to 4.1.
Nationally, housing inventory declined for the first time this year, slipping 1.3% month-over-month to 1.53 million units, representing a 4.6-month supply at the current sales pace, according to NAR. Despite the monthly drop, total inventory remained 11.7% higher than the same time last year.
Meanwhile, the median existing-home price rose 2% year-over-year to $422,600, though it was essentially flat compared to the prior month.
As we move deeper into the fall season, Chattanooga's housing market continues to offer a mix of opportunity and stability. While some key indicators, such as pending and closed sales, have slowed slightly, rising inventory and home prices show that buyers still see a strong value in our region. Whether you're entering the market or planning your next move, working with a Realtor ensures you have the local insight and expert guidance to navigate today's evolving real estate landscape with confidence. #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