Chattanooga Real Estate Market

Insights and Trends: Discover the Dynamic Real Estate Landscape of Chattanooga.

Chattanooga Real Estate Overview

$325K

Median Sale Price

$192

Sale Price/Sq. Ft.

271

Total Homes Sold

44

Days on the Market

8.5%

Down Payment

1.2%

Under List Price

Chattanooga Housing Market

The Chattanooga housing market has seen noticeable activity and growth over the past year. Characterized as somewhat competitive, it presents both opportunities and challenges for buyers and sellers alike.

Market Trends and Performance

  • Demand and Supply Dynamics: Homes in Chattanooga receive an average of 3 offers, reflecting a reasonable demand. The competition is mild compared to some booming markets, but this is a sign that the area is desirable for many homebuyers.
  • Selling Time: The average home in Chattanooga sells in around 44 days, with hot properties going pending in about 27 days. This quicker selling time for highly sought-after properties highlights the presence of a segment of buyers ready to act swiftly.
  • Pricing Trends: The median sale price of a home was $325K last month, marking an increase of 4.8% since last year. Meanwhile, the median sale price per square foot stands at $192, up by 6.9% over the same period.
  • Price Negotiation: While average homes sell for about 1% below the list price, hot homes—those in particular demand—can sell for around 2% above the listing price. This distinction illustrates the nuanced nature of the market.

Migration & Relocation Trends

Chattanooga's position as both a destination and a starting point for relocation has produced interesting patterns:

  • Local Moves: A considerable 71% of Chattanooga homebuyers are choosing to stay within the metropolitan area, indicating a strong attachment to the region and potentially highlighting the area's economic stability and lifestyle appeal.
  • Outbound Relocation: Meanwhile, 29% have searched to move out of Chattanooga, with Knoxville, Panama City, and Myrtle Beach being popular destinations. It might reflect the search for different opportunities or lifestyle preferences outside the Chattanooga area.
  • Inbound Relocation: Across the nation, 0.25% of homebuyers are looking to move into Chattanooga from outside metros. Atlanta, Los Angeles, and Chicago residents are particularly interested in relocating to Chattanooga. This inbound interest may signal Chattanooga's growing reputation as a desirable place to live, possibly due to factors such as cost of living, quality of life, or job opportunities.

Real Estate Insights

The Chattanooga housing market offers a unique blend of opportunities and challenges. While not extremely competitive, it shows strong signs of growth and a solid base of local interest. The interplay between local, inbound, and outbound relocations paints a picture of a dynamic community that is attractive to a diverse array of people.

For investors, homebuyers, or those looking to relocate, understanding these trends could provide valuable insights into where the market might be headed. Whether seeking to capitalize on growth or find a stable community to call home, Chattanooga presents an intriguing option.

Neighborhood Insights

Chattanooga Details

Available Homes for Sale

North Chattanooga

North Chattanooga

South Chattanooga

South Chattanooga

Signal Mountain

Signal Mountain

Red Bank

Red Bank

View More Homes for Sale

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