According to the latest data from the Chattanooga Multiple Listing Service (MLS), the number of available homes for sale has gone down over the past three months alone by 662 homes. That’s a decrease of 15.32 percent.
The inventory of homes for sale is the lowest it’s been since the middle of 2005. There’s a 4.8 month supply of inventory of homes for sale, which is down 30.4 percent from January of 2015. People are getting an average of 96 percent of the sales price for their Chattanooga homes. The median sale price of Chattanooga homes is up 5.9 percent from last year, and homes are also selling 36.1 percent faster than one year ago.
The Chattanooga real estate market needs more homes for sale in order to keep the market stable, and the public is starting to respond with a 6.2 percent increase in homes listed over the past three months. If you’ve been thinking about selling your home, this is the time to do it. The statistics above say that homes are selling for more money, in less time, for prices closer to the sale price, and with less competition. It’s a perfect storm of events for a home seller.
Call your Realtor today to see what your home is worth and to get it on the market. Interest rates are so low, you can move up into your next home for a great deal.
The Greater Chattanooga Association of Realtors is “The Voice of Real Estate in Greater Chattanooga.” The Association is a regional organization with more than 1,500 members, and is one of more than 1,400 local boards and associations of Realtors nationwide that comprise the National Association of Realtors. The Greater Chattanooga Association of Realtors services Hamilton and Sequatchie counties in southeast Tennessee, and Catoosa, Dade, and Walker counties in northwest Georgia. For more information, visit www.gcar.net.