Rumors and speculation abound, but data + expertise clear the fog. So, how did our local real estate market fare in 2022 and where is it trending?
MEDIAN SALES PRICE
⬆ 16%
Hamilton County, YTD, Source: GCAR
Record Breaker
- 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.
Year End Trends?
- 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.
Looking Ahead…
- 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
Hamilton County, YTD, Source: GCAR
Fastest in History
- 16 days on the market was Hamilton County’s average for 2022, making it another record-breaking year for speed of sale.
Year-End Trends?
- 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.
Looking Ahead…]
- 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
Here to Serve
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
