Greater Chattanooga’s real estate market delivered a robust performance in April as supply and demand continued to affect the region with an increase in homes sold despite higher prices, the National Association of Realtors reports.
Overall, U.S. existing-home sales fell from a one-year high, dropping 4.3% month-over-month to a seasonally adjusted annual rate of 4.19 million, according to the NAR, as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines.
Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure – a 4.8% increase from the previous month, according to the NAR.
New listings in the Chattanooga region increased 25.5% to 1,354. Pending sales were up 13% to 1,067. Inventory levels grew 22.6% to 2,149 units.
Prices continued to gain traction. The median sales price increased 7.5% to $322,500. Days-on-market was up 2.8% to 37 days. Buyers felt empowered as months-supply-of-inventory was up 31.6% to 2.5 months.
Warmer temperatures appear to have lured some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to the NAR.
Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on the market nationwide – down from 38 days the month before.
With demand still high and home prices rising, the Chattanooga area is still favorable for those looking to put their home on the market. I urge those who are on the fence to contact a local Realtor to discuss the pros and cons that best fit you or your family’s needs. 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 board 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 that 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.