The temperature outside is starting to dip ever so slightly, and as we look toward fall we normally see housing activity begin to slow a bit as the back-to-school season begins. But as we all know, this year has been far from normal. The housing and stock markets continue to lead the economy.
In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months.
Multiple offer situations remain a frequent experience in many markets, including ours. With the inventory of homes for sale still lower, a fast and competitive market for buyers doesn’t show signs of slowing down.
With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
New listings in the Chattanooga region decreased 0.8% to 1,306. Pending sales were up a remarkable 26.2% to 1,244. Inventory levels shrank 49.1% to 1,565 units.
Prices continued their upward trajectory. The median sales price increased 23.5% to $247,000. Days on market was down 4.7% to 41 days. Sellers were encouraged as months supply of inventory was down 54.3% to 1.6 months.
While uncertainty remains regarding how the upcoming elections and any seasonal resurgence of COVID-19 might have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term, as it remains a great time to get into the housing market, especially for sellers.
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. As Realtors, we 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.