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Chattanooga Roots Housing Market Update-5-17-22

5/17/2022

1 Comment

 
Chattanooga Housing Market-Keller Williams Greater Downtown Realty, Gcar.net
​While we are still FIRMLY in a sellers market things are rapidly shifting.  Less than 60 days ago we had 650 homes on the market.  As you can see from the chart above we've seen a nearly 33% increase in homes actively listed.  There's always a summer jump but this is more than just a seasonal bump.  While that is an unusually high rate of increase it is important to remember, as the chart above highlights, a balanced market would have approximately 2500 homes listed.  We have a long way to go before we achieve balance and interest rates are going to be a factor in the rate at which the market shifts.

With interest rates in the low to mid 5% range, an economic slow down occurring and  inflation running amuck, there is virtually NO ONE predicting a decline in interest rates in the near to midterm.   

That being said, we are still seeing very high demand for homes in Chattanooga with very little change to what sellers can expect.  It looks like the housing market nationally will slow with the rate of equity gains definitely decreasing this year over last.  The big caveat for those in TN, Texas, and Florida is the mass influx of new residents which is the X factor for us locally.  As long as migration continues at the rate it has been and interest rates stay below 6% we should be able to expect our equity gains, while moderating a bit, to still be very respectable.  

So....Should you buy/list now or wait?   Are you worried that lower rates are right around the corner and you should wait for them to drop?  Unfortunately it looks like 5%+ interest rates are the new normal for the foreseeable future.  I don't hear anyone saying interest rates will return to below 5%.  If you wait to buy/sell in the future you are likely to get the same rate OR higher.  The silver lining is, if the rates do go down after you buy, you could refinance and take advantage of those lower rates.  The one thing I am virtually certain of is our local housing costs will be higher in 5 years than they are today, making now the time to buy and sell.   

We still believe it's an amazing time to both buy and sell a home but we do so see potential headwinds on the horizon.   

Until next time..
David Henson & the Chattanooga Roots Property Team
Keller Williams Greater Downtown Realty
1 Comment
Michael Gonzalez link
11/16/2022 11:17:32 pm

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​[email protected]
O:423-664-1520
​

Keller Williams Realty    ​     
​1830 Washington St     
Chattanooga, TN 37408
   
 ​KW: 423-664-1900

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  • Home
  • Client Reviews
  • Buy Or Sell Real Estate
    • Sellers Guide
    • Preparing to List
    • RSVP
    • Free Home Evaluation!
    • Get Your Home Evaluation!
    • Get our App
    • Refer a Friend
  • View Our Listings
    • 818 Murrell Rd
    • 733 Battery Pl. Unit 103
    • 909 Mayfield St
    • 506 Tucker St
    • 1615 Shady Circle
    • 3626 Lerch St
    • 140 Ridgeside Rd
    • 0 Brockdell Rd-2025
    • 77 Homer Layne Rd-2024
  • Closed Listings
    • 9023 Finney Point Dr
    • 8142 Mountain Laurel Trl-2024
    • 5410 St Elmo Ave-2024
    • 4517 St Elmo Ave-2024
    • 103 Benton Dr-2024
    • 8810 Picadilly Trl-2024
    • 7605 Dayton Pike- 2024
    • 2398 Swanson Rd-2024
    • 4714 Brentwood Dr-2024
    • 203 Parkway Cir-2024
    • 1029 E 5th St-2024
    • 321 Sweetland Dr-2024
    • 1053 Carter Drive-2024
    • 2006 N Marble Top-2024
    • 3991 Mtn Creek Rd-2023
    • 412 Derby St 2024
    • 306 E Gordon Ave-2024
    • 557 Meadow Lark Rd-2023
    • 902 Old Lower Mill Rd-2024
    • 200 Manufacturers Rd-2023
    • 3405 Glendon Drive-2024
    • 211 S St Marks Ave 2024
    • 5615 Saint Elmo Ave-2024
    • 4540 N Ravenwood-2023
    • 1723 Gable Green Dr-2023
    • 6105 Lottie Ln-2024
    • 1638 Short Leaf Ln-2024
    • 2604 Fairmount Pike-2023
    • 1414 Continental Dr-103-2023
    • 1709 W 43rd St-2024
    • 3236 Stillmeadow Ln-2023
    • 717 Mississippi Ave-2023
    • 209 S St Marks Ave-2023
    • 8460 Kennerly Ct-2023
    • 2333 Red Tail Ln-2023
    • 411 Tucker St-2023
    • 2303 Marco Cir-2023
    • 3714 Rosalee Terr-2023
    • 1005 Southbridge Ln-2023
    • 114 S Howell-2023
    • 5789 Sarah Dr-2023
    • 205 Booth Rd-2023
    • 3208 Ozark Cir-2023
    • 2164 Dugan St-2023
    • 3217 Alta Vista -2023
    • 3331 Browndell Rd-2023
    • 7275 Falcon Bluff Dr-LOT--2022
    • 8608 Kensley Ln-2023
    • 352 Derby Cir-2023
    • 1335 Jackson Mill-2023
    • 3371 Adkins Rd-2022
    • 1123 Valentine Cir-2022
    • 4117 Mayfair Ave-2022
    • 3378 Adkins Rd-2023
    • 5000 St Elmo Ave-2022
    • 3598 Knollwood Hill Dr-2022
    • 215 Lake Ave-2022
    • 3910 Lake Haven-2022
    • 5303 St Elmo Ave-2022
    • 621 N Moore Rd-2022
    • 903 S Willow St-2022
    • 1411 Marlboro Ave-2022
    • 1976 Hardwood Ln-2022
    • 0 Horns Creek Rd-2022 Land
  • Our Team
  • Referral Directory
  • Things to Do Around Town
  • Videos With Chattanooga Roots
  • Blog-Market Update
    • Hixson, TN Real Estate Market: April Insights
    • Understanding the Real Estate Market in Signal Mountain, TN
    • The Low Rate Trap: Why First-Time Homebuyers Feel Stuck in Their Starter Homes
    • Tax Season Hustle: Turning Your Refund into Real Estate Riches!
    • The Unwritten Rules of Real Estate Etiquette: A Guide to Navigating the House Hunt
    • Home Reno Hacks: 10 Tips Inspired by Your Favorite Shows
    • Buy Me Doors Not Diamonds
    • Harvesting Memories: A Toast to October's Festivities
    • 10 Reasons To Not Hate an HOA
    • Highland Park, A Neighborhood of History and Charm
    • Weekend Getaways This Summer near Chattanooga
    • Chattanooga on a Budget: Affordable Adventures in the Scenic City
    • Chattanooga Real Estate Market: A Steady Summer Inventory
    • Chattanooga's Still Hot in The Real Estate Market
    • Chattanooga Chow: Savoring the Best Bites and Booze in the Scenic City
    • Signal Mountain: A Historical Gem in Chattanooga Real Estate
    • The Joys of Living in a Walkable City
    • Lookout Mountain: A Breathtaking Destination with a Rich History
    • Chattanooga TN Real Estate: The Pros and Cons of Renting vs. Buying
    • Discovering the Charming History of Fort Wood
    • Blog-Chattanooga TN and its housing market
    • Blog-Top 5 Reasons Chattanooga TN is a great place to live
    • Getting Ready to List? Here's Some Spring Cleaning Tips to Get Started