The start of a new year brings fresh insights into the evolving real estate market, which continues to show signs of resilience and growth.
Recent data from the National Association of Realtors highlights positive trends, including an eight-month high in U.S. existing-home sales. While inventory challenges persist, the activity in the market both nationally and locally offers an optimistic outlook.
Here’s a closer look at the latest market trends and their impact on the Chattanooga region:
• U.S. existing-home sales improved for the second consecutive month, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units – an eight-month high, according to the NAR.
• Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month.
• New listings in the Chattanooga region increased 1.8% to 784. Pending sales rose 7.7% to 643. Inventory increased 29.2% to 2,634.
• The local median sales price jumped 12.5% from $300,000 to $337,500. Days-on-market increased 22% to 50. Months-supply-of-inventory mushroomed 25% percent to 3.0.
• The national housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over year, for a 3.8-month supply at the current sales pace.
• Inventory remains below the five- or six-month supply needed for a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing-home price of $406,100 – a 4.7% increase from one year earlier.
While inventory challenges persist locally and nationally, the recent uptick in sales and steady price growth is a promising sign for the housing market as we move into 2025. For buyers and sellers navigating this dynamic landscape, working with a Realtor remains key to making informed decisions.
Realtors bring essential expertise to every transaction, helping clients understand the nuances of today’s market while advocating for their best interests.
As we continue to monitor the trends, one thing remains clear: Greater Chattanooga’s real estate market is poised for continued opportunity and growth. #ThatsWhoWeR
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 boards 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 is comprised of Realtors who are servicing the Greater Chattanooga area and specializing in a variety of disciplines, including appraisal, commercial, industrial, land, multi-family, 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.