While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen. Nationally, June showing activity was up considerably from the COVID-19 depressed levels in recent months. It also increased compared to June 2019, reflecting pent-up demand by prospective homebuyers.
There are plenty of buyers out there, but seller activity continues to be a bit softer with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June.
Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season.
Locally, new listings in the Chattanooga region decreased 1.5 % to 1,266. Pending Sales increased 41.9% to 1,364. Inventory levels shrank 42.0% to 1,757 units.
Prices also continued to gain traction. The median sales price increased 4.7% to $225,000. Days on market decreased 8.9% to 41 days. Sellers were encouraged as months supply of inventory decreased 45.7% to 1.9 months.
So what does all this information mean? It means that there are fewer houses on the market now, and if you use a Realtor’s expertise when listing your house for sale, you might be in a very good position. Realtors have the latest tools to serve the homebuying needs of our community. That’s Who We R®.
Greater Chattanooga Realtors® is The Voice of Real Estate in Greater Chattanooga. A regional organization with more than 2,000 members, Greater Chattanooga Realtors is one of 300 local boards and associations of Realtors® nationwide that comprise the National Association of Realtors®. Greater Chattanooga Realtors service Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade, and Walker counties in northwest Georgia. For more information, visit www.gcar.net or call 423.698.8001.