Local Market Snapshot
Hamilton County Single Family Homes, Updated 10.4.22
| ACTIVE LISTINGS | UNDER CONTRACT | SOLD HOMES IN 30 DAYS |
|---|---|---|
| 717 | 718 | 408 |
Greater Chattanooga Market Data, Year to Date
Year to Date, All Greater Chatt Counties, Single Family Homes, As of 10.4.22
| YEAR | NEW LISTINGS | UNDER CONTRACT | SOLD HOMES |
|---|---|---|---|
| 2022 | 11,837 | 9,512 | 9,155 |
| 2021 | 11,463 | 10,278 | 9,725 |
| 2020 | 10,617 | 9,463 | 8,773 |
| 2019 | 11,480 | 8,662 | 8,345 |
Source: Greater Chatt MLS
Greater Chattanooga currently has less than 2 months of inventory. For perspective, National Association of Realtors notes “balanced market” is 6 months of inventory.
Regional Data and Statistics
Sales Volume:
- 2022 (YTD) marks the 2nd highest number of home sales in history in Hamilton County. 5% below the all time high in 2021. (9.2022)
- From 2020 to 2021, Chattanooga area home sales increased 9.9% in one year, the highest increase in the last 5 years. (Greater Chattanooga Association of Realtors annual report)
Pricing:
- While Chattanooga’s median home price of $355,000 is at an all-time high, it is 15% below the national median home price of $410,000 (GCAR, 7.2022).
Speed:
- In 2022, the typical home in Chattanooga (Hamilton Co.) is selling in 14 days, compared with 22 days in 2021, and 129 days a decade ago. (GCAR, 9.2022)
Interest Rates:
- The average contract rate on a 30-year fixed-rate mortgage increased to 6% in September 2022, up from 3% in January 2022. (CNBC, 9.2022)
Inventory:
- Inventory of homes for sale in the greater Chattanooga area as of Jan. 1, 2022 are down 36.2% from Jan.1, 2021. And down 62.8% from 2019. (GCAR).
Tennessee/Chattanooga Rankings:
- In 2021, Tennessee placed 3rd in U-Haul’s top 50 states growth analysis. (U-Haul Story 1.2.2022.)
- Tennessee has the 2nd lowest tax burden of all U.S. states. (Forbes, 7.7.2022)
- Chattanooga is the #1 city in Tennessee for highest inflow of new residents, followed by Johnson City, Knoxville and Nashville (tied), and Brentwood. (Tennessee Migration Report, moveBuddha.com, 7. 22.2022)
- For every 100 people moving out of Chattanooga, 306 move in. (Tennessee Migration Report, moveBuddha.com, 7. 22. 2022)
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)
- 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)
Our Team. Your Resource.
In this unprecedented climate, we are here to help you analyze, navigate, and maximize the current market. It will be our privilege to utilize 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 First Accredited Land Consultant
3 Decades Serving in Tri-State Real Estate
423.413.4507
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