The real estate market in the Chattanooga region is displaying a dynamic shift as we analyze the latest data from the National Association of Realtors for June 2024.
Understanding these trends is crucial for navigating the current landscape. Traditionally, the summer months witness a surge in housing activity, and it looks to be staying on this trend for this year. From increased inventory levels to median sales prices, the data reveals significant activity impacting buyers and sellers.
U.S. existing-home sales declined for the third consecutive month as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year.
Sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, the NAR reports, to a seasonally adjusted annual rate of 4.11 million units.
New listings in the Chattanooga region increased 5.6% to 1,322. Pending sales were down 1.8% to 906. Inventory levels grew 24.5% to 2,545 units.
Prices continued to gain traction. The median sale price increased 3.5% to $346,625. Days on market was up 16.7% to 35 days. Buyers felt empowered as months supply of inventory was up 30.4% to 3.0 months.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR.
However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
As we look ahead, the Chattanooga housing market continues to evolve with significant changes in inventory, pricing and sales activity. Staying informed and reaching out to a Realtor about these trends is essential for making strategic decisions. The increase in inventory and longer days on the market may offer some relief for buyers.
At the same time, rising prices and slightly reduced sales activity indicate a market that is adjusting to current economic conditions. By working with a Realtor who is keeping a close eye on these developments, both buyers and sellers can feel confident about navigating the complexities of the real estate market in the months to come. 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 consists of Realtors servicing the Greater Chattanooga area and specializing in a variety of disciplines, including appraisal, commercial, industrial, land, multifamily, 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.