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Current Market Data

Local Market Snapshot

Hamilton County Single Family Homes, Updated 9.26.23

Current,
September 26, 2023
30 Days Ago,
August 2023
90 Days Ago,
June 2023
Q2 2023, National Average
Active Homes for Sale
715
639
586
Homes Under Contract
527
590
626
Sold in Last 30 Days
371
372
402
Sold in Last 6 Months
2,579
2,622
2,464
Median Sales Price
$361,000
$363,295
$354,000
$416,100
Speed of Sale (Days on Market)
28 Days
29 Days
33 Days
46 Days
Sales Price was ___% of Original List Price
97.36%
97.59%
97%
Months of Inventory*
1.7 Months
1.5 Months
1.4 Months
2.7 Months

*For perspective, the National Association of Realtors notes a “balanced market” is 6 months of inventory. 

 

Greater Chattanooga Market Data, Year to Date

Year to Date, All Greater Chatt Counties, Single Family Homes, Updated 9.26.23

YEAR (YTD)NEW LISTINGSUNDER CONTRACTSOLD HOMES
2023
9,778
8,125
7,614
2022
11,569
9,098
8,944
2021
11,145
9,935
9,367
2020
10,324
9,201
8,456
2019
11,149
8,416
8,003

Source: Greater Chatt MLS


 

Regional Data and Statistics

Inventory:

  • Due to the nationwide housing shortage, there are fewer homes currently for sale in greater Chattanooga than at any point over the last 5 years. (GCAR, 6.2023)
  • Inventory of homes for sale in Hamilton County currently = 1.4 Months (GCAR, 6.2023) A historically balanced market = 6 Months of inventory.
  • The number of Greater Chattanooga homes sold in the first half of 2023 is 15% below 2022, which was the highest year in local history. This year’s unit sales are similar to that of 2019. (GCAR, 6.2023).

Pricing:

  • The Chattanooga area’s median home price is at an all-time high; more than $200,000 higher than a decade ago.  (GCAR, 8.2023)
  • 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)
  • Though Chattanooga’s median home price of $364,000 is at its highest in history, it is still 14% below the national median home price of $416,100. (GCAR, 8.2023)
  • The average Chattanooga home price (which reflects the total value of all home sales divided by the number of houses sold) is $392,901(GCAR, 6.2023)
  • Hamilton County properties are selling at an average of 97% of asking price (GCAR, 6.2023)
 

Speed:

  • The typical home in Chattanooga (Hamilton Co.) is selling in 31 days (YTD 8.2023), compared with 14 days in 2022, and 129 days a decade ago. (GCAR 8.2023)
  • Nationwide, the average days on the market for a typical home is 44(GCAR 8.2023)
 

Interest Rates:

  • The average 30-year fixed-rate mortgage is 6.67% (6.2023). 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)
  • 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)
 

Tennessee/Chattanooga Rankings:

Affordability:

  • Tennessee has no state income tax, one of 9 states in the U.S. with this distinction. (Investopedia)
  • Tennessee has the 2nd lowest tax burden of all U.S. states. (Forbes, 7.7.2022)
  • 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)
 

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)

Updated 6.20.23


 

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 any time at info@ToddHenon.com or (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

Todd Henon Logo, 20+ Years

Redefining excellence and professionalism in real estate services.

  • 20 Years Serving TN, GA, AL
  • Top 1% in Sales, Greater Chattanooga
  • Chatt’s 1st Accredited Land Consultant: investment, recreational, development, conservation, agriculture
  • 10 Years  Licensed TN General Contractor
  • Elite Client Services: Award-Winning Marketing Specialists, Contracts Managers, Research & Logistics Experts
  • Relocation Specialists for University of TN Chatt, Erlanger Hospital
  • Realtors Land Institute, TN Board Member
  • 4-Generation Chattanoogan,
    Todd Henon

Todd Henon Properties 423.413.4507 direct Info@ToddHenon.com Keller Williams Realty Greater Downtown Realty 1830 Washington Street Chattanooga, TN 37408 423.664.1900

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KELLER WILLIAMS REALTY

GREATER DOWNTOWN

1830 Washington Street Chattanooga, TN 37408 423.664.1900