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May 2024 Real Estate Trends in Chattanooga


In May 2024, Chattanooga's property market flourished with more available homes, slightly higher average prices compared to last year, and faster transactions, offering advantages for all.

The Market Summary

Sellers Thrive in a Dynamic Market:

Sellers in Chattanooga are well-positioned to thrive in the current market environment. Inventory has surged by 28.4% month-to-date, reaching 2,398, offering buyers a broader selection of properties. The median sales price has appreciated to $344,000, compared to $323,028 in May 2023. This continued appreciation highlights the attractiveness of properties in the region and provides sellers with a strong bargaining position. On average, properties spend 29 days on the market before securing a contract, slightly shorter than previous months.


Buyers Find Opportunities Amidst Market Dynamics:
For buyers, the Chattanooga real estate market presents promising opportunities for investment and homeownership. With an increased inventory and a rise in pending transactions to 2,398 from 2,149 in April 2024, buyers have more options to explore and negotiate favorable deals. The shorter average of 29 days on the market offers buyers a quick turnaround for decision-making, facilitating thorough research and ensuring informed choices. Despite fluctuations, affordability remains attractive, making homeownership an attainable goal for prospective buyers.


Current Real Estate Landscape:

Growth and Stability:

Chattanooga’s real estate market continues to experience steady growth, as evidenced by the increase in median sales prices year-over-year, instilling confidence in the market’s stability.

Resilience Amidst Fluctuations:

Despite minor fluctuations, such as a slight decrease in closed sales (986 compared to 1,067 in April 2024), Chattanooga’s real estate market remains strong, adapting to changing conditions and maintaining overall appeal.

Favorable Conditions for All:

The current market dynamics create favorable conditions for both sellers and buyers, fostering a balanced and inclusive real estate environment that supports diverse objectives and preferences.

Opportunities for Engagement:

As the market evolves, opportunities for engagement abound, encouraging active participation from all stakeholders and driving continued growth and prosperity within Chattanooga’s real estate sector.

Chattanooga’s real estate market in June 2024 reflects a positive outlook for sellers and buyers alike. The metrics indicate that the overall trajectory of our local market remains positive, offering promising opportunities. The market remains dynamic and resilient, setting the stage for continued growth in the months ahead.

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