MEDIAN SALES PRICE
- Hamilton County’s median sales price rose 16% to a historic high in 2022. However, it remains a healthy 22% below the national median, providing an environment for continued appreciation in our local market.
- Hamilton County properties sold at an average of 99.5% of asking price in 2022. However, we are beginning to see more aggressive price negotiations and more price reductions on properties.
- To avoid a price reduction, Sellers should––from the start––utilize up-to-the-minute data to inform pricing decisions. Pricing should be based on precise comparable properties, expert market knowledge, and your desired timeline for the sale.
SPEED OF SALE
20% Faster in 2022
- 16 days on the market was Hamilton County’s average for 2022, making it another record-breaking year for speed of sale.
- As interest rates and inflation have risen throughout the year, days on market are increasing from an average of 16 for the year as a whole to 25 in recent months across Hamilton County.
- Understanding current market conditions and being reasonable in negotiations helps speed your sale, while maximizing your ROI.
Supporting Data via Greater Chattanooga Multiple Listing Service
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If your 2023 goals include real estate–home, investment, recreation, relocation or commercial—we would be honored to sit down and have a conversation. Call us at 423.413.4507.
Sources: GCAR MLS, fred.stlouisfed.org