Greater Chattanooga Realtors recently released its annual report on the local housing market, and it turned out 2018 was a very busy year.
The average sales price was nearly $223,000, which is a 5.5 percent increase compared with 2017 ($211,000).
This increase might reflect a decreased housing inventory. More than 10,000 homes were sold in the Greater Chattanooga area in 2018, which was a 1.9 percent increase compared with 2017 (9,826 homes).
Inventory decreased slightly from 2017. There were approximately 3.3 months of inventory in 2017 and 3.1 months in 2018. Maintaining a consistent housing inventory is critical, which is why Realtors continue to work with our elected officials to make sure homeownership remains attainable and affordable for those in every income bracket.
The Days on Market (the average amount of time a property takes to sell) was 50. That was 15.3 percent faster than 2017, which was 59. Just to give some perspective, the average Days on Market for 2014 was 109. This means houses took 54.1 percent longer to sell in 2014 than 2018. That’s a fast market.
For those who feel they might have missed out on the chance to own a home, Lawrence Yun, chief economist and senior vice president of research for the National Association of Realtors, offered interesting insight during a recent interview.
“The mortgage rate had been at 5 percent, and home sales in the latest month reflect those mortgage rates. The mortgage rate has dipped a bit to 4.5 percent, and it’s giving a second chance opportunity for buyers, and some will take advantage,” Yun says.
When addressing predictions for 2019, Yun said that consumers should expect home sales to flatten and home prices to continue to increase, though at a slower pace.
“The forecast for home sales will be very boring – meaning stable,” Yun says.
In 2018, Greater Chattanooga Realtors worked tirelessly for their clients in a competitive market. No one can be sure what 2019 will bring, but local Realtors will be prepared to assist their clients, no matter how the market behaves.
For more information on the 2018 Annual Housing report, visit gcar.net/consumer-tools.
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 some 1,300 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. Greater Chattanooga Realtors services Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade and Walker counties in northwest Georgia. Information