When the temperature starts to dip in early fall, home sales usually follow. People start preparing for the holiday season and are less inclined to buy or sell a home.
But the predictable has been anything but in 2020. Real estate hasn’t cool, and Realtors are as busy as we’ve been all year.
In October, buyer activity remained higher than normal for this time of year despite housing inventory being much lower than even one year ago in many parts of the market. Multiple offers remain a common occurrence in many areas, keeping buyers and sellers on edge during transactions.
Adding to the hot market, mortgage rates dropped to record lows again in October, helping to offset the rise in home prices seen in many markets across the country. Continued buyer demand might temper any price retreats this year and keep the traditional winter price dip at bay well into the future.
Locally, new listings in the Chattanooga region increased 3.5% to 1,174. That pending sales increased 27.6% to 1,073 shows how important it is to use a Realtor. They can often find homes before they’re placed on the market.
Inventory levels shrank 50.7% to 1,504 units, a demonstration of how competitive the market is for buyers.
The median sales price increased 19.1% to $250,000, continuing the trend. Days on market decreased 18.6% to 35 days, which reflects how quickly homes are being sold. Sellers were encouraged, as months supply of inventory was down 55.9% to 1.5 months.
The market is fast and the inventory is tighter than it’s been in a long time. But as Realtors, we have the latest tools and technology to serve our clients and community well. That’s Who We R.
Greater Chattanooga Realtors is The Voice of Real Estate in Greater Chattanooga. A regional organization with more than 2,400 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 serviced Hamilton and Sequatchie counties in southeast Tennessee and Catoosa, Dade and Walker counties in northwest Georgia. Information: www.gcar.net; 423 698-8001.