Unveiling the February Real Estate Landscape! Delve into the latest market insights shaping the realm of homes and properties in Chattanooga.
Market Momentum U.S. existing-home sales surged by 3.1% month-over-month, hitting a robust pace of 4.00 million units, defying expectations and marking the strongest performance since August 2023. Locally, the market witnessed a notable 27.0% increase in new listings, with pending sales climbing by 7.5%.
Price Trends Prices continued their upward climb, with the average sales price in Chattanooga reaching $356,622, reflecting a 3.3% increase in the median sales price to $306,000. Despite this, buyers experienced a slightly longer wait, with the average days on market up by 5.0% to 42 days.
Supply-Demand Dynamics Inventory levels expanded by 15.7%, offering buyers more options with a 26.3% increase in Months Supply of Inventory, now standing at 2.4 months. However, demand continues to outpace supply, maintaining upward pressure on prices.
Looking Ahead With interest rates remaining favorable and inventory gradually increasing, the real estate market in Chattanooga holds promise for both buyers and sellers. Stay tuned for more updates on the evolving housing trends!