Local Market Snapshot

Hamilton County Single Family Homes, Updated 9.15.21

Active ListingsUnder ContractSold Homes in 30 Days
455952550
Source: Greater Chatt MLS

Greater Chattanooga Market Data

Year to Date, All Greater Chatt Counties, Single Family Homes, As of 9.15.21

YearNew ListingsUnder ContractSold Homes
202110,5869,6458,807
20209,8778,7878,003
201910,6738,0987,662
Source: Greater Chatt MLS

Sales Volume:

  • record number of Chattanooga single-family homes sold in 2020. Volume increased 8.4% over 2019 (Chattanooga Times Free Press, 1.14.21)

Pricing:

  • Even at $260,000, the median home price in the Chattanooga area is still 20% below the national median home price of $329,100, according to the National Association of Realtors. (Chattanooga Times Free Press 8.28.21)
  • However, the typical Chattanooga home is still priced below the US median price of $315,900 (Chattanooga Times Free Press 2.23.21)
  • Chattanooga home prices have risen 22% faster than the national average (Based on Q-4, 2020, Chattanooga Times Free Press 2.23.21)

Speed:

  • The typical Chattanooga home sold in 39 days (February 2021) = 36% quicker than March 2020 and 3 times faster than houses sold a decade ago (Chattanooga Times Free Press, 3.20.21)

Interest Rates:

  • Interest rates remain near all-time lows, which has increased buying power for many by $50,000 – $100,000 (Robert Backer, president of Greater Chattanooga Association of Realtors, Chattanooga Times Free Press, 2.23.21)

Inventory:

  • The number of Chattanooga area homes on the market is down 68% from March 2020 (Chattanooga Times Free Press, 3.20.21)
  • There is a nationwide housing shortage. Across the U.S., inventory is at half what it was in February 2020 (The New York Times, 2.6.21)

Rental Rates:

  • Rose in Chattanooga an average of 14.6% in 2020 (Chattanooga Times Free Press, 1.14.21)

Tennessee/Chattanooga Rankings:

  • TN ranked #1 for COVID Moves: In 2020, Tennessee topped U-Haul’s list of one-way moves, edging out Florida and Texas for the first time, with a 12% jump in new arrivals over the prior year. (The Tennessean, 1.6.2021)
  • TN named Most Affordable state for retirees (Bankrate.com, 7.7.21)
  • PC Magazine named Chattanooga as the best city in America for remote work based upon its internet service and cost of living (Chattanooga Times Free Press, 2.23.21)

Job Growth:

  • Chattanooga ranks #10 in the country for job growth. The fastest growing industries are Education and Health Services, according to 24/7 Wall St. (24/7 Wall St., 2.2021)

 

Our Team. Your Resource.

As you can see, the real estate market is experiencing several unprecedented conditions. We are here to help you analyze their impact and maximize the current market. Tap our 20 years of experience in Tri-state real estate to assist you in reaching your goals. 

We are available to you at any time at [email protected] or phone (423) 413-4507.

Honored to be your real estate resource.

 

 

 

 

 

Todd Henon
Broker-Agent: TN, GA, AL
Top 1% Greater Chattanooga Realtors
Chattanooga’s Only Accredited Land Consultant
2 Decades Serving in Tri-State Real Estate
423.413.4507

 

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