It’s exciting to see that the U.S. housing market is on a solid upward trend. The National Association of Realtors (NAR) reports that existing home sales increased for the second month. This surge is the largest in the past year and well above what experts had forecast.
For March, U.S. existing-home sales jumped 9.5% to a seasonally adjusted annual rate of 4.38 million units. The rebound comes amid fluctuating mortgage rates and elevated sales prices, indicating there’s plenty of buyer demand heading into the spring selling season.
This surge is reflected locally in Chattanooga, where new property listings have risen slightly and pending sales have grown. Additionally, the housing inventory has expanded by 15%. This could indicate that buyers are active and willing to tolerate longer wait times and higher prices.
New listings in the Chattanooga region increased 1.2% to 1,207. Pending sales were up 1.9% to 1,020. Inventory levels grew 15% to 2,054 units.
Prices continued to gain traction as the median sales price increased by 4.4% to $329,000. Days-on-market was up 22.2% to 44 days, and buyers felt empowered as the months-supply-of-inventory was up 26.3% to 2.4 months.
The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to the NAR, total inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07 million units for a 2.9-months supply at the current sales pace.
Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.
With the Chattanooga real estate market showing signs of robust activity, buyers might find more opportunities due to increased inventory, while sellers could benefit from price appreciation.
Both buyers and sellers should stay informed and consider current market trends when making decisions. The real estate landscape in Chattanooga remains favorable, with potential for further developments as we move deeper into 2024. That’s Who We R.
Founded in 1912, Greater Chattanooga Realtors is the voice for real estate in Greater Chattanooga. A regional organization with more than 2,700 members, Greater Chattanooga Realtors serves Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. The association is one of approximately 1,100 local associations and boards of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors owns and operates a Multiple Listing Service that is one of approximately 600 MLSs in the country and services more than 3,000 users. Local association membership is comprised of Realtors servicing the Greater Chattanooga area and specializing in a variety of disciplines, including appraisal, commercial, industrial, land, multi-family, property management and residential. Working alongside Realtors are our affiliate members, who represent related industries in sympathy with the objectives of the association. Our affiliate members include mortgage lenders, home inspectors, title and closing services, pest inspection and control and insurance.