Sellers Thrive in a Dynamic Market:

Sellers in Chattanooga are well-positioned to thrive in the current market environment. Inventory has surged by 51.3% month-to-date, reaching 2,969 homes and the median home price is $319,900. Relatively steady median pricing highlights the attractiveness of properties in the region and provides sellers with a strong bargaining position. On average, properties spent 41 days on the market before securing a contract.

Buyers Find Opportunities Amidst Market Dynamics:
For buyers, the Chattanooga real estate market presents promising opportunities for investment and homeownership, especially now as we see the return of negotiation to the process. With increased inventory and slightly lower pending transactions—896 in September 2024 compared to 819 in September 2023—buyers have more options to explore and leverage for favorable deals. Homes are spending an average of 41 days on the market, offering a relatively quick turnaround for decision-making while still allowing time for thorough research and informed choices. Affordability remains attractive, making homeownership an attainable goal for many prospective buyers. This is a great time to take advantage of the market’s favorable conditions.

Current Market & Rates Update:
Recent gains in the stock market have helped to ease fears of an impending recession, contributing to a more optimistic economic outlook. Although interest rates have decreased, they remain elevated enough to have a somewhat dampening effect on demand.

Current Real Estate Landscape:

Growth and Stability:

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

Resilience Amidst Fluctuations:

Despite very minor fluctuations, such as a slight decrease in closed sales (870 in September compared to 893 in August 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 along with predicted interest rate improvements, opportunities for engagement abound, encouraging active participation from all stakeholders and driving continued growth and prosperity within Chattanooga’s real estate sector.