Local Market Snapshot
Hamilton County Single Family Homes, Updated 11.12.24
*For perspective, the National Association of Realtors notes a “balanced market” is 6 months of inventory.
Greater Chattanooga Market Data, Year to Date
All Greater Chatt Counties, Residential Homes, Updated 11.12.24
| YEAR (YTD) | NEW LISTINGS | UNDER CONTRACT | SOLD HOMES |
|---|---|---|---|
Source: Greater Chatt MLS
Regional Data and Statistics
Tennessee/Chattanooga Rankings:
- Chattanooga ranked “Best Place to Retire in U.S. South” (Southern Living Magazine 9.23)
- Chattanooga is the #1 city in Tennessee for highest percentage inflow of new residents, followed by Johnson City, Knoxville and Nashville (tied), and Brentwood. (Tennessee Migration Report, moveBuddha.com, 7. 22.2022)
- For every 1 person moving out of Chattanooga, 3 move in. (Tennessee Migration Report, moveBuddha.com, 7. 22. 2022)
- From 2020-2022, Hamilton County added nearly 10.2 new residents every day, adding 7,440 residents. This equates to population growth of more than 1.5% . (Chattanooga Times Free Press, 6.2023 and 1.2.2023)
- Tennessee had the 3rd highest proportion of people moving in vs out of state in 2023. The top 5 states for migration are: South Carolina, Arizona, Tennessee, North Carolina, and Florida (Allied Movers 2023)
- Among those moving in or out of Tennessee in 2023, 60.8% were moving in, and 39.2% were moving out. It was the 3rd consecutive year more than 60% were moving into the state. (Chattanooga Times Free Press 1.2024)
- Tennessee’s population has grown 1.8%, 2020-2022, to add some 83,000 more residents or nearly 114 new residents every day. (Chattanooga Times Free Press, 6.2023)
- Tennessee placed 6th in U-Haul’s top 50 states’ growth analysis in 2022. It placed 3rd in 2021. (U-Haul Story 1.3.2023 and 1.2.2023)
- Chattanooga ranks second nationwide for best places to work remotely in study from TechNational, an online site that tracks technology trends. (Chattanooga Times Free Press, 5.2.2024)
- Chattanooga was named the best city to live in Tennessee by US News and World Report. Nationwide, Chattanooga rose 21 spots to be ranked 27th overall best city to live in the U.S. (US News and World Report, 5.21.24)
- Chattanooga named the “Friendliest City” in the US. (Conde Nast Traveler, 10.28.2024)
Affordability:
- Tennessee has no state income tax, one of 9 states in the U.S. with this distinction. (Investopedia)
- Tennessee has the 4th lowest tax burden of all U.S. states. (Intuit Turbo Tax, 4.2024)
- Prices for goods, services and housing costs in Tennessee were 9% below the U.S. average in 2021, ranking 10th lowest in the country. (University of TN, 2023)
- “Tennessee has the second fastest-growing economy in the country thanks to its affordable real estate, job market, and recreation scene.” (Travel & Leisure Magazine 9.23)
Home Prices:
- Hamilton County’s median home price of $385,000 is near its highest in history, but is still 8% below the national median home price of $412,300. (GCAR 10.2024)
- The Chattanooga area’s median home price is near an all-time high; more than $200,000 higher than a decade ago. (GCAR 4.2024)
- The price of homes sold in Chattanooga has more than doubled in the past 7 years, rising at an average annual rate of more than 15%. (GCAR 6.2023)
- In Q4 2023, the typical Chattanooga home sold for more than twice the average price and four times faster than a house in Chattanooga sold for a decade ago. (GCAR 12.2023)
- For March 2024, Tennessee’s median sale price was $378,900. (KnoxNews 5.2.24)
Speed of Sales:
- The average single-family home in Chattanooga sold in 36 days in Q2 2024, 4 days longer than in 2023. A decade ago, the average home on the market took 124 days to sell. (GCAR 5.2024)
- Nationwide, the average days on the market for a single family home is 55. (GCAR 10.2024)
Local Inventory:
- Hamilton County’s population is expected to near a half million residents over the next 40 years, creating demand for 46,000 new housing units in the next 20 years. (Chattanoogan.com 3.2.2024)
- Due to the nationwide housing shortage and interest rate hikes, fewer homes were listed for sale and sold in greater Chattanooga in 2023 than at any point over the last 5 years. (GCAR, 11.2023)
-
Inventory of homes for sale in Hamilton County currently = 2.9 months. Nationwide inventory = 3.6 months. A historically balanced market = 6 months of inventory. (GCAR, 11.2024)
Interest Rates:
- The average 30-year fixed-rate mortgage is 6.72% (11.5.2024). A year ago, the rate was averaged at 7.62%. The lowest annual average rate in U.S. history was 3.11% in December 2020. The highest average annual rate was 16.63% in 1981. (MPA Magazine, 6.2023) (Chattanooga Times Free Press, 12.2023)
- Nationwide, less than 10% of existing home mortgages were taken out with rates above 6%. More than half of homeowners are locked into sub-4% rates. (Marcus Millichap Research, 7.2023)
Updated 11.5.24
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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 3 decades of experience in Tri-state real estate to assist you in reaching your goals.
We are available to you any time at info@ToddHenon.com or (423) 413-4507.
Honored to be your real estate resource,
Todd Henon
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