Leaders in Homes • Estates • Land • Farms for 3 Decades

Current Market Data

Local Market Snapshot

Hamilton County Single Family Homes, Updated 11.5.24

Current
Nov 5, 2024
30 Days Ago
Oct 2024
90 Days Ago
Aug 2024
6 Months Ago
May 2024
1 Year Ago
Nov 2023
Q3 2024
National Average
Active Homes for Sale
1,181
1,199
1,050
782
772
Homes Under Contract
524
507
522
626
488
Sold in Last 30 Days
337
341
396
424
346
Sold in Last 6 Months
2,461
2,559
2,569
2,170
2,505
Median Sales Price
$390,000
$385,000
$379,900
$364,450
$364,900
$420,400
Speed of Sale (Days on Market)
39 Days
38 Days
34 Days
36 Days
28 Days
55 Days
Sold Price was ___% of Original List Price
96.59%
96.79%
97.17%
96.58%
96.99%
Months of Inventory*
2.9 Months
2.8 Months
2.5 Months
2.2 Months
1.8 Months
3.6 Months

*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 11.5.24

YEAR (YTD)NEW LISTINGSUNDER CONTRACTSOLD HOMES
2024
13,223
9,232
8,765
2023
11,423
9,005
8,862
2022
13,087
10,116
10,236
2021
12,714
11,455
10,960
2020
11,811
10,510
9,916

Source: Greater Chatt MLS

 


 

Regional Data and Statistics

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 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

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 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
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.

  • 3 Decades 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

cropped-THP-Artwork-Only-01.png
DIFFERENCE

TOP 1% SALES

GREATER CHATTANOOGA

3 DECADES

SERVING TN, GA, AL

10 YEARS

LICENSED TN GENERAL CONTRACTOR

#1 LAND SALES

GREATER CHATTANOOGA

CHATT’S FIRST
ACCREDITED LAND CONSULTANT

INVESTMENT, RECREATIONAL,
DEVELOPMENT, CONSERVATION,
AGRICULTURE

TN

VICE PRESIDENT

RELOCATION

SPECIALISTS

FOR UNIVERSITY OF TN CHATT, ERLANGER HOSPITAL
AGENTS OF CHOICE

ELITE CLIENT

SERVICES

AWARD-WINNING MARKETING
SPECIALISTS, CONTRACT MANAGERS,
RESEARCH & LOGISTICS EXPERTS

4 GENERATIONS

CHATTANOOGAN
TODD HENON

CONTACT US

TODD HENON PROPERTIES

423.413.4507 info@ToddHenon.com

KELLER WILLIAMS REALTY

GREATER DOWNTOWN

1830 Washington Street Chattanooga, TN 37408 423.664.1900