Local Market Snapshot
Hamilton County Single Family Homes, Updated 9.26.23
September 26, 2023
*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 LISTINGS||UNDER CONTRACT||SOLD HOMES|
Source: Greater Chatt MLS
Regional Data and Statistics
- 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).
- 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)
- 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)
- 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)
- 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 100 people moving out of Chattanooga, 306 move in. (Tennessee Migration Report, moveBuddha.com, 7. 22. 2022)
- Hamilton County’s population grew more than 1.5% 2020-2022, adding 7,440 residents or nearly 10.2 new residents every day. (Chattanooga Times Free Press, 6.2023 and 1.2.2023)
- 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)
- 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)
- 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)
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