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Chattanooga Real Estate Market: A Steady Summer Inventory

5/9/2023

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The Market's Path to Stability
Summer is here, and with it comes a sense of relief for homebuyers and sellers in the Chattanooga area. The real estate inventory has remained steady at around 1,200+ listings for several months now. While this figure is still below historic averages, it is a significant improvement compared to the painfully low number of available homes in 2021 and early 2022. So, what does this mean for the market?

Despite the lingering shortage of inventory, there are positive signs of stabilization. The days on market have been inching up and have now surpassed 40 days. Although this is still below historic averages, it is a considerable departure from the frenzied peak of the market. However, home prices continue to hold their ground and show no signs of decreasing in the foreseeable future. The scarcity of inventory, while posing challenges for buyers, is effectively contributing to market stabilization. Additionally, the continuous influx of new residents into the area is further propelling property values higher. What's particularly interesting is the growing demand for homes that require minimal work after the buyer moves in. It seems the era of "any house at any price" is behind us, with buyers increasingly seeking properties that are move-in ready.

The Interest Rate Conundrum
Unfortunately, there isn't much good news to report on the interest rate front. Although rates have slightly declined from their recent highs, they remain a tough pill to swallow for potential buyers. Lenders have become more creative, offering various loan products to soften the blow. Some even provide a free refinance within the next five years, allowing homeowners to capture a lower rate once the markets stabilize. As the saying goes, "you date the rate but you marry the house." Currently, good rates are expected to fall between 5-6%, but they currently hover in the 6-7% range. This range has remained relatively stable for months, creating the perception that it might be the "new normal" for interest rates.

A Successful Year in Chattanooga Real Estate
Anecdotally, it has been a banner year for the Chattanooga real estate market. Our team has been busy helping families navigate successful moves, and we're on track to assist over 34 families by the end of June. While it may seem counterintuitive that the market would be booming given the inventory constraints, Chattanooga continues to defy expectations.

Is it Still a Good Time to Buy or Sell?
In Chattanooga, the answer is a resounding yes. Despite the challenges presented by limited inventory and slightly higher interest rates, it is still a great time to buy and sell property in this vibrant city. Our team is dedicated to finding creative solutions to ensure your move is as seamless as possible. Whether you're a buyer or a seller, feel free to reach out to us to discover the various ways we can make your real estate journey an easy and rewarding one.
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So, let's dive into the market and take advantage of the opportunities summer brings. Whether you're looking to sell your "DONE" home or searching for your dream property, Chattanooga's real estate market is waiting for you.
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    David Henson

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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
    • Preparing to List
    • Free Home Evaluation!
    • Get Your Home Evaluation!
    • Get our App
    • Refer a Friend
  • Our Listings
    • 5789 Sarah Dr-2023
    • 3208 Ozark Cir-2023
    • 205 Booth Rd-2023
    • 1005 Southbridge Ln-2023
    • 2164 Dugan St-2023
    • Closed Listings >
      • 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
  • Blog-Market Update
    • 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