January Market Update
Heading into Spring, the Chattanooga area is projected to be one of the hottest real estate markets of 2023.
While inventory has improved over the last two years, it remains low. The lack of inventory combined with higher interest rates has resulted in an overall decline of closed sales in recent months. However, interest rates have dropped from their peak and appear to be stabilizing. Many buyers who had given up on purchasing during the ‘frenzy’ are now back in the market. Similarly, sellers who did not want to sell without finding a new home may feel better about listing as we are beginning to see some viable contingent offers return to the market. A number of creative financing options have also emerged, catering to the needs of today’s home buyers and sellers.