Current Market Data

 

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
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

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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:

• 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)

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

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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

Redefining excellence and professionalism in real estate services.